Solaredge 's warning on Thursday of weakening European demand was another red flag following what has already been a tumultuous year for the solar industry.
Several Wall Street investment banks downgraded SolarEdge and slashed their price targets in reaction to the preannouncement.
Deutsche Bank downgraded SolarEdge , along with peer solar stocks Sunrun and Sunnova , to a hold rating from buy.
Analyst Corinne Blanchard halved SolarEdge's price target to $150 from $300, although this still implies 32% potential upside from the stock's Thursday close.
Besides waning European demand, Blanchard highlighted that U.S. demand has also declined and may not bottom until early 2024.
Persons:
Solaredge, Zvi Lando, Enphase, SunPower, Sunrun, bode, Gordon Haskett, Don Bilson, Corinne Blanchard, Blanchard, Goldman Sachs, SolarEdge, Goldman, Brian Lee, Oppenheimer, Roth, Philip Shen, Julien Dumoulin, Smith, Michael Bloom
Organizations:
Deutsche Bank, Bank of America
Locations:
California, SolarEdge, U.S