SolarEdge (NASDAQ:SEDG) stock is getting a boost on Wednesday thanks to an upgrade from Barclays analysts.
That upgrade has Barclays analysts increasing SEDG stock from their prior rating of “equal weight ” to a new “overweight” rating. For the record, the analyst consensus for shares is a “moderate buy” rating. That comes from 17 “buy” ratings and seven “hold” ratings.
In addition to that stock upgrade, the Barclays analysts also increased their price target for SEDG stock to $396 per share. The prior price target was $389 per share. That increase represents a potential 20% upside for the stock. It’s also above the consensus price prediction of $342.68 per share.
Why the Bullish Stance on SEDG Stock?
Barclays analysts gave a few reasons for the upgrade and higher price target. Among them is a recent visit to Europe. This has the company planning an expansion in the area with growing demand for solar power, which comes as energy bills in the region are rising.
Other reasons for the positive rating include rising battery deployment, a larger stake in the Tier 1 market in the U.S. and the company’s Mexico facility increasing production. All of this has Barclays expecting good tidings for holders of SEDG stock in 2023.
SEDG stock is up 2.6% as of Wednesday morning and up 19% since the start of the year.
Investors seeking out more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market news for Wednesday! Among that is what has shares of MicroAlgo (NASDAQ:MLGO) stock in the news, this morning’s biggest pre-market stock movers and more. You can catch up on all of that at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.