SolarEdge Poised For Growth Amid Cost Cuts, While Canadian Solar Faces US Policy Headwinds: Goldman Sachs
SolarEdge Poised For Growth Amid Cost Cuts, While Canadian Solar Faces US Policy Headwinds: Goldman Sachs
After a challenging period, including a tough U.S. residential solar market and weaker European demand, the analyst notes estimates have bottomed, and concerns about SEDG's $350 million debt in 2025 are overstated.Goldman Sachs analyst Brian Lee revised ratings for key residential solar stocks. The analyst notes there is a disconnect between the mid-to-long-term fundamentals and valuations for solar/storage equities heading into 2025.
高盛分析師Brian Lee修訂了關鍵住宅太陽能股票的評級。分析師指出，在2025年前太陽能/儲能股票的中長期基本面與估值之間存在脫節。
Solar equities appear to be overpricing risks tied to policy uncertainty, even though secular growth drivers, such as U.S. power demand and pricing, remain strong.
儘管美國電力需求和價格等長期增長驅動因素依然強勁，但太陽能股票似乎對與政策不確定性相關的風險定價過高。
SEDG: The analyst upgraded SolarEdge Technologies, Inc. (NASDAQ:SEDG) rating to Buy from Sell and raised the price target to $19 (from $10 prior).
SEDG：分析師將SolarEdge Technologies, Inc.（納斯達克：SEDG）的評級從賣出上調至買入，並將目標價格提高至19美元（之前爲10美元）。
After a challenging period, including a tough U.S. residential solar market and weaker European demand, the analyst notes estimates have bottomed, and concerns about SEDG's $350 million debt in 2025 are overstated.
在經歷了一個挑戰性的時期，包括美國住宅太陽能市場的困難和歐洲需求疲軟後，分析師指出，估計已觸及底部，關於SEDG在2025年35000萬美元債務的擔憂被誇大了。
SEDG's recent cost-cutting measures, including headcount and facility reductions, strengthen the outlook, adds the analyst.
分析師補充說，SEDG最近的削減成本措施，包括裁員和減少設施，增強了前景。
Lee says that while the call may be early, he sees a turnaround as the company benefits from improved cost control and a better product mix.
Lee表示，儘管看漲的決定可能有些早，但他看到公司將因改善成本控制和更好的產品組合而受益於業績好轉。
The analyst sees FY25 as a key inflection point, with growth likely accelerating in FY26.
分析師將2025財年視爲關鍵的轉折點，預計在2026財年增長將加速。
The analyst estimates negative EPS for FY25 but expects a positive fourth-quarter FY25 and strong growth in FY26. The EPS estimate of $1.64 for FY26 is well above the consensus of $0.55, adds the analyst.
分析師預計2025財年將出現負每股收益，但預計2025財年第四季度將實現正收益，並且在2026財年將強勁增長。對2026財年的每股收益預估爲1.64美元，遠高於共識的0.55美元，分析師補充說。
CSIQ: Meanwhile, Lee downgraded Canadian Solar Inc. (NASDAQ:CSIQ) to Sell from Neutral and cut the price target to $11 (from $14 prior).
CSIQ：與此同時，李將加拿大太陽能公司（納斯達克：CSIQ）的評級從中立下調至賣出，並將目標價格下調至11美元（之前爲14美元）。
The analyst's negative outlook stems from policy risks under the Trump administration and tariffs on solar imports from Southeast Asia.
分析師的負面展望源於特朗普政府下的政策風險以及針對來自東南亞的太陽能進口的關稅。
As a major foreign supplier of solar panels to the U.S., CSIQ is highly exposed to these risks, which will impact its margins, especially given the U.S. has been one of the more profitable markets recently, says the analyst.
作爲美國主要的太陽能電池板外國供應商，CSIQ高度暴露於這些風險之中，這將影響其利潤率，尤其是考慮到美國最近是一個更有利可圖的市場，分析師表示。
The analyst also sees consensus estimates as overly optimistic, with the 2025-2026 EBITDA projections 35% – 40% below the Street's, as recent policy changes and the uncertain outlook are not fully reflected in market expectations.
分析師還認爲，市場共識預期過於樂觀，2025-2026年的EBITDA預測比華爾街低35%-40%，因爲最近的政策變化和不確定的前景並未完全反映在市場預期中。
The analyst says 2024-2025 EBITDA estimates remain largely unchanged, while the 2026 estimate is revised down by 6% to $688 million due to a bleak outlook.
分析師表示，2024-2025年EBITDA估計基本保持不變，而由於前景黯淡，2026年的估計下調了6%，至68800萬美元。
Price Action: SEDG shares are up 23.3% at $15.19, while CSIQ shares are up 0.86% at $11.76 at the last check Tuesday.
價格動態：在最後一次檢查週二，SEDG股票上漲23.3%，報15.19美元，而CSIQ股票上漲0.86%，報11.76美元。
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圖片來自shutterstock。