Why SolarEdge Technologies Stock Was a Blazing-Hot Item This Week
Key Points
The solar specialist was a favorite subject of analysts recently.
A total of four of them changed their price targets on the stock.
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One recent trend over the past few days among analysts has been to modify their price targets on sun energy specialist SolarEdge Technologies (NASDAQ: SEDG).
No less than four pundits tracking the fortunes of the solar company did so in the space of barely over 72 hours. This helped raise the stock's price by 9% week to date as of late Friday morning, according to data compiled by S&P Global Market Intelligence.
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A quartet of raises
On Monday, Susquehanna's Biju Perincheril got the ball rolling with a significant increase, as he raised his fair-value assessment on SolarEdge. His new level is $40 per share, well up from the previous $25.
Image source: Getty Images.
Over the next three days, BMO Capital's Ameet Thakkar, Mark Strouse from J.P. Morgan, and Morgan Stanley's Andrew Percoco followed suit. Thakkar upped his SolarEdge price target only slightly to $19 per share from $16, Strouse moved to $29 from $27, and Percoco adjusted to $25 from $17.
The SolarEdge rally might have been more robust had any of the four analysts recommended the stock as a buy. Instead, all retained their existing ratings; for Perincheril and Strouse, this is neutral, and for the other two, it's the equivalent of sell.
Sunny outlooks? Not quite
SolarEdge's equity has been on something of a tear lately. It's been buoyed by better-than-expected second-quarter results, lower interest rates, and updates to federal law that were not as unfavorable as some feared (even beneficial, in certain ways). Yet this is a highly cyclical industry that, as ever, struggles to make a profit, so I'd be hesitant to approach sector stocks like this one.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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