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.
週二，SolarEdge Technologies, Inc.（納斯達克股票代碼：SEDG）股價上漲。週一，高盛分析師布萊恩·李將目標股價從19美元上調至21美元，同時重申買入評級。
昨天，該公司透露裁員約400人，裁員後預計每季度將節省900萬至1100萬美元，其中不包括實施成本。
此外，該公司還披露了與包括Sunrun在內的兩家美國最大的住宅太陽能安裝商和融資商達成的安全港協議，並完成了45倍先進製造業生產稅收抵免的第二次出售。
繼11月的重組公告和最新更新之後，分析師預計，到2025年底，SEDG將實現約1750萬美元的成本削減。
分析師補充說，隨着宏觀經濟環境的穩定，這將有助於公司加快盈利之路。
此外，考慮到投資者對特斯拉潛在股票損失的擔憂，李認爲與Sunrun的協議特別重要，因爲其新的Powerwall 3電池不包括SEDG逆變器。
分析師表示，儘管出售的確切積分數量尚未披露，但該公司似乎正在遵循按季度定期出售45倍積分的策略。
李寫道，45倍的信用銷售協議應支持SEDG第四季度自由現金流指導（2000萬美元）至0萬美元，並有可能出現上行空間，因爲該公司的目標是在2025年上半年實現正FCF。
因此，分析師將2024-2026年的調整後每股收益估計值修改爲2024年（20.84美元），2025年（2.99美元）和2026年的1.78美元，而之前的估計分別爲（20.84美元）、（2.89美元）和1.64美元。
這一變化反映了運營開支的降低，由於重組費用，2025年的估計值有所減少。
此外，富國銀行將目標股價從15美元上調至19美元，同時維持同等權重評級。
投資者可以通過ProShares標普Kensho Cleantech ETF（紐約證券交易所代碼：CTEX）和SPDR標普Kensho清潔能源ETF（紐約證券交易所代碼：CNRG）獲得股票敞口。
價格走勢：在週二的最後一次檢查中，SEDG股價上漲12.9％，至18.39美元。
