SolarEdge Technologies upgraded to Overweight at Barclays (NASDAQ:SEDG) – Seeking Alpha

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SolarEdge Technologies (NASDAQ:SEDG) on Wednesday was upgraded to an Overweight investment rating from Equal Weight by analysts at Barclays Capital. They said the maker of solar power components has strong growth potential in Europe, where energy prices have surged amid shortages of natural gas.
The jump in energy prices “has reduced the payback periods to 2.5 years for a solar-only system in Germany and 4-5 years in the Netherlands, making it one of the best investments a homeowner could make in the current backdrop, and recession-proof, in our view,” Christine Cho, analyst at Barclays, said in a Dec. 14 report.
Barclays hosted Ronen Faier, CFO of SolarEdge, for a non-deal roadshow with investors in the Netherlands.
The bank raised its price target for SolarEdge (SEDG) to $396 a share from $389 a share, based on a multiple of 36 times estimated EPS of $10.96 in 2024.
SolarEdge (SEDG) was up 1.9% to $334 a share in pre-market trading Wednesday. The stock fell as much as 32% to a yearly low in October, and has surged 72% since then. It reported a company record of $836.7 million in revenue for the third quarter.
Seeking Alpha columnist BOOX Research rates SolarEdge (SEDG) as a Buy on its revenue growth. Contributor Mike Zaccardi has a Hold rating on SolarEdge (SEDG) because of macroeconomic risks.

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