SolarEdge (NASDAQ:SEDG) stock is on the move Monday after the solar energy company’s shares got a price target cut and downgrade.
That price cut comes from Barclays analyst Christine Cho. It saw the firm drop its price target from $274 per share to $152 per share. That still represents a roughly 17% upside from its prior close price. For comparison, the analysts’ consensus price prediction is $315.33 per share.
To go along with that price target cut, Cho also downgraded SEDG stock from an “overweight” rating to an “equal weight” rating. To put that in perspective, the analysts’ consensus rating for SEDG shares is a moderate buy based on 22 opinions.
What’s Behind the SEDG Stock Downgrade?
The Barclays analyst has concerns about SolarEdge’s upcoming year, including how the company will deal with prices. According to Cho, it’s inevitable that the solar power company will have to initiate price cuts starting in 2024.
Investors aren’t happy about the idea that price cuts are coming for SolarEdge. That news, in addition to the price target cut and downgrade, has shares of SEDG stock falling 3.3% as of Monday morning. That comes as some 147,000 shares change hands, as compared to a daily average trading volume of about 1.6 million shares.
Investors who are on the lookout for even more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not have (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.