Goldman Sachs Solaredge Technologies Is A Good Buying Opportunity

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Goldman Sachs Solaredge Technologies Is A Good Buying Opportunity

Goldman Sachs: SolarEdge Technologies Is a Good Buying Opportunity

Goldman Sachs has recently upgraded the rating of SolarEdge Technologies Inc, saying it is a good buying opportunity. In addition, BofA also raised the price target of SolarEdge Technologies Inc to $396 from $379.

After the positive sentiment from BofA and Goldman Sachs, the stock of SolarEdge Technologies Inc gained 5% during Friday's trading session.

BofA Maintains Its Buy Rating On SolarEdge Technologies

BofA has maintained the buy rating on SolarEdge Technologies Inc and stated that the 2nd half of 2023 looks promising for the company. This comes despite the fact that SolarEdge Technologies Inc had some performance trouble during the first half of 2023.

Wall Street is expecting 2023 to remain flat, which is similar to what's communicated by the SEDG management as well. However, one risk that can damage SolarEdge Technologies Inc's outlook is its growth story in Europe.

However, some analysts believe that the concerns related to SolarEdge Technologies Inc are misplaced. They also added that the growth of SolarEdge Technologies Inc would accelerate in the 2H23 due to improvements in storage deployments and operating leverage.

According to experts, Goldman Sachs will enjoy continued growth in the C&I and European regions. If we look at the core business of SolarEdge, it is involved in selling solar investors, energy products, and energy generation monitoring software.

All of these products are in high demand as the world shifts away from traditional energy sources. However, we also need to understand that the energy fears in the last few years have reaffirmed that traditional energy sources are still in high demand.

Furthermore, the dismissal performance of SolarEdge in the first half of 2023 is also something that can't be ignored. After all, Goldman Sachs and the BofA can't be taken on their words alone if the actual picture shows something totally different. That's why it would be interesting to see how SolarEdge will turn around as we are now in the 2H2023.

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