Solar stocks are down on Friday, and investors can look to Deutsche Bank as the reason for the slump in the sector.
That’s due to Deutsche Bank downgrading three major players in the solar energy space today. Among the solar stocks that were downgraded today are SolarEdge (NASDAQ:SEDG), Sunrun (NASDAQ:RUN) and Sunnova (NYSE:NOVA).
Starting with SolarEdge, Deutsche Bank analysts downgraded the company from a “buy” rating to a “hold” rating. At that same time, the firm cut its price target for SEDG stock to $150. That still represents a potential 32% upside from its prior closing price.
Sunrun is next on the list, with the stock also getting downgraded from a “buy” rating to a “hold” rating. In this case, the price target for RUN stock was slashed to $15. That’s a potential upside of 42% for the solar stock.
Finally, Sunnova stock was likewise downgraded from a “buy” rating to a “hold” rating. With that downgrade comes a lowered price target of $12.50. That gives the company’s shares a potential upside of 36% compared to Thursday’s close, CNBC notes.
Let’s break down how this news is affecting these solar stocks below!
Solar Stocks Down on Friday
- SEDG stock starts off our list with a 28.6% decrease as of Friday morning. Investors will also note that SolarEdge warned investors of weakening demand in Europe.
- RUN is up next, with the solar company’s shares falling 4.5% today.
- Finally, NOVA stock closes out our solar coverage today, with shares down 3.8% as of this writing.
Traders seeking out even more of the most recent stock market news on Friday are in the right place!
We’re offering up coverage of all the biggest stock market stories traders need to know about today. Among that is what has shares of Webuy Global (NASDAQ:WBUY), Cuentas (NASDAQ:CUEN) and Xortx Therapeutics (NASDAQ:XRTX) stock on the move today. Let’s get into that news at the links below!
More Friday Stock Market News
- Why is Webuy Global (WBUY) Stock Down 29% Today?
- Why Is Cuentas (CUEN) Stock Moving Today?
- Why Is Xortx Therapeutics (XRTX) Stock Up 110% Today?
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.
