Needham & Company Starts SolarEdge Technologies (SEDG) at Buy

Needham & Company initiates coverage on SolarEdge Technologies (NASDAQ: SEDG) with a Buy rating and a price target of $30.00, saying the company is leading a revolution of intelligent solar.

Analyst Y. Edwin Mok commented, "We are initiating coverage of SolarEdge Technologies, Inc. with a Buy rating and a PT of $30. We believe SEDG’s DC optimized inverter system is a superior technology with many benefits over traditional inverter technology. SEDG is at the forefront in driving market adoption of Module Level Power Electronic (MLPE), a segment of the solar inverter market that is rapidly gaining share. With strong growth of U.S. sales, SEDG is well positioned to outgrow the exceptionally strong U.S. solar market, and we also see several additional drivers for sustainable long-term growth. We expect strong gross margin expansion coupled with topline growth and operating leverage to drive profitable growth ahead. We believe SEDG offers small-cap growth investors an opportunity to buy an exceptional technology growth story at a reasonable valuation."

For an analyst ratings summary and ratings history on SolarEdge Technologies click here. For more ratings news on SolarEdge Technologies click here.

Shares of SolarEdge Technologies closed at $24.75 yesterday.

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