SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares are trading higher on Tuesday. On Monday, Goldman Sachs analyst Brian Lee raised its price target from $19 to $21, while reiterating a Buy rating.
Yesterday, the company revealed layoffs of approximately 400 employees and post-completion the workforce reduction is expected to save $9 million to $11 million quarterly, excluding implementation costs.
Also, the company disclosed safe harbor agreements with two of the largest U.S. residential solar installers and financers, including Sunrun, and completed its second sale of 45X Advanced Manufacturing Production Tax Credits.
Following the November restructuring announcement and latest update, the analyst expects SEDG to achieve approximately $17.5 million in cost reductions by the end of 2025.
This should help the company accelerate its path to profitability as the macroeconomic environment stabilizes, adds the analyst.
Moreover, Lee finds the agreement with Sunrun particularly significant, considering investor concerns about potential share losses to Tesla, as its new Powerwall 3 battery does not include SEDG inverters.
Although the exact amount of credits sold wasn't disclosed, the company seems to be following a strategy to sell 45X credits regularly on a quarterly basis, says the analyst.
Lee writes that 45X credits sale deal should support SEDG's fourth quarter free cash flow guidance of ($20 million) to $0 million, with the potential for upside, as the company aims to achieve positive FCF in the first half of 2025.
Consequently, the analyst revised adjusted EPS estimates for 2024-2026 to ($20.84) for 2024, ($2.99) for 2025, and $1.78 for 2026, compared to the previous estimates of ($20.84), ($2.89), and $1.64, respectively.
The change reflects lower operating expenses, with the 2025 estimate reduced due to restructuring charges.
Also, Wells Fargo raised its price target from $15 to $19 while maintaining an Equal-Weight rating.
Investors can gain exposure to the stock via ProShares S&P Kensho Cleantech ETF (NYSE:CTEX) and SPDR S&P Kensho Clean Power ETF (NYSE:CNRG).
Price Action: SEDG shares are up 12.9% at $18.39 at the last check Tuesday.
SolarEdge Technologies, Inc. (纳斯达克:SEDG) 的股票在周二上涨。周一，高盛分析师布莱恩·李将其目标价从19美元上调至21美元，同时重申了买入评级。
昨天，公司透露裁员约400名员工，减员后预计每季度节省900万至1100万美元，未计算实施成本。
此外，公司披露与美国两家最大的居民太阳能安装商和融资商达成安全港协议，包括Sunrun，并完成了第二次出售45X高级制造业-半导体生产税收抵免。
根据11月份的重组公告和最新更新，分析师预计SEDG到2025年底可实现约1750万美元的成本削减。
分析师表示，这应该有助于公司在宏观经济环境稳定时加速盈利之路。
此外，李先生认为与Sunrun的协议特别重要，因为投资者担心可能会向特斯拉失去市场份额，因为其新款Powerwall 3电池不包括SEDG逆变器。
尽管未披露确切出售的抵免额，但分析师表示，公司似乎正在遵循一个策略，定期每季度出售45X抵免。
李先生写道，45X抵免销售协议应支持SEDG第四季度自由现金流指导为（2000万美元）至0万美元，并有可能上行，因为公司旨在在2025年上半年实现正自由现金流。
因此，分析师将2024-2026年的调整每股收益预估修订为2024年的（$20.84）、2025年的（$2.99）和2026年的$1.78，相较于之前的预估（$20.84）、（$2.89）和$1.64。
这一变化反映了更低的营业费用，2025年的预估因重组费用而有所减少。
此外，富国银行将目标价格从$15上调至$19，同时维持平等权重评级。
投资者可以通过ProShares S&P Kensho Cleantech 可交易ETF (纽交所:CTEX) 和SPDR S&P Kensho Clean Power 可交易ETF (纽交所:CNRG) 获取股票的投资机会。
价格行动：截至周二最后一次检查，SEDG的股价上涨了12.9%，报$18.39。
