Those target increases came after SolarEdge reported fourth-quarter earnings that exceeded Wall Street estimates. Adjusted earnings totaled $1.65 a share, well above the $1.30 Zacks etimate. First-quarter revenue guidance also beat expectations, according to Bloomberg.
SolarEdge continues to increase its market share in commercial and large residential solar systems, even while its main competitor Enphase (ENPH) - Get Report is growing its share of the residential market quickly, JMP Securities analyst Joseph Osha wrote in a report.
He thinks SolarEdge can boost its sales volume another 40%, assuming no major impact from the coronavirus. Osha confirmed his outperform rating and raised his share-price target to $157 from $117.
Credit Suisse analyst Maheep Mandloi, meanwhile, lifted his price target to $105 a share from $85.
He noted in a report that SolarEdge’s fourth-quarter shipments gained in both the U.S. residential and commercial sectors, “contrary to Street expectations and inference from CA/NY data.”
Mandloi predicted that SolarEdge and Enphase will “equally share the U.S. residential market among themselves by 2020.”
At last check, SolarEdge shares traded at $131.87, up 3.17%.