SolarEdge Technologies Inc. (SEDG) plunged over 5% in the pre-market session on Wednesday, following Citi's downgrade of the stock to a "Sell" rating from "Neutral" previously.
Citi analyst Vikram Bagri lowered the price target on SolarEdge to $9 from $12, citing concerns over the company's "tight liquidity, challenging industry conditions, and growth outlook." The downgrade reflects Citi's view that SolarEdge faces headwinds in the near term, which could weigh on its financial performance and stock valuation.
The analyst's bearish stance on SolarEdge comes amid broader industry challenges, as the renewable energy sector grapples with supply chain disruptions, rising costs, and uncertain demand. Investors will be closely watching SolarEdge's upcoming earnings release and guidance for further insights into the company's prospects.
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