SolarEdge Downgraded by Jefferies, Citing ‘Stiff Competition'

Core Viewpoint - Jefferies downgraded SolarEdge Technologies stock due to tough competition in the solar power industry, indicating significant headwinds in Europe and challenges in the U.S. [1] Group 1: Stock Performance - SolarEdge shares fell in early trading after the downgrade but rebounded later in the session [1] - The stock was downgraded from "hold" to "underperform," with a new price target set at $17, suggesting a potential downside of approximately 32% from the intraday price of $22.37 [1] Group 2: Competitive Landscape - Analysts highlighted persistent high inventory levels and competition from Chinese firms as major challenges in Europe [1] - The U.S. market also presents stiff competition, contributing to the analysts' negative outlook [1] Group 3: Company Challenges - SolarEdge is experiencing a slowdown in demand, compounded by a recent bankruptcy filing from one of its customers, which has resulted in a multi-million dollar debt that will not be paid [1] - Analysts expressed disappointment in not finding any near-term catalysts during the RE+ clean energy event that could positively impact the company's trajectory [1] Group 4: Year-to-Date Performance - Despite slight gains on the day of the report, SolarEdge shares have lost over 75% of their value since the beginning of the year [1]