SolarEdge (NASDAQ:SEDG) stock is getting a boost on Friday after the solar power company’s stock was upgraded by Deutsche Bank analyst Corinne Blanchard.
Blanchard just upgraded shares of SEDG stock from a “hold” rating to a “buy” rating. For comparison, the analyst consensus rating for SEDG is a “moderate buy” based on 19 opinions.
To go along with that, Blanchard also increased her price target for SEDG stock from $305 per share to $375 per share. That represents a potential 33% upside compared to yesterday’s close. It’s also very bullish next to the $374 analyst consensus price target for SolarEdge.
Why the Bull Rating for SEDG Stock?
Here’s what the Deutsche Bank analyst said in a note to clients obtained by CNBC:
“The 2Q guide demonstrates the company’s ability to maintain and potentially further improve its gross margin profile, with management commentary sounding solid around the coming quarters.”
Despite the upgrade and price target increase, shares of SEDG stock aren’t seeing much movement today. As of this writing, only about 261,000 shares have changed hands. That’s well below its daily average trading volume of around 1.2 million shares.
SEDG stock is up 1.3% as of Friday morning but the stock is still largely unmoved from its starting price in 2023.
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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.
