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The analysts told investors that they are cutting numbers into the second half and 2024 due to sluggish demand and lingering environmental headwinds.
The SEDG price target was cut in half from $300 to $150 per share, the NOVA price target was lowered to $12.50 from $23, and the RUN price target was reduced to $15 from $27.
“We believe 3Q23 earnings will likely be another setback for the solar industry, as sluggish demand continues in the US on the residential side, as well as further signs of weakness in some key European countries,” the analysts said. “We believe it will take another 6 to 9 months until we could see improvements and a potential recovery into 2H24.”
“Challenging macro environment with high interest rates likely to remain throughout 2024 at least – impacting demand in the Southern states which have historically been more focused on loans vs leases,” they added.
