SolarEdge Technologies Inc. (NASDAQ: SEDG) shares are soaring 9.51% in pre-market trading on Thursday, defying mixed signals from Wall Street analysts. The unexpected rally comes in the wake of what UBS described as "solid" first-quarter results from the solar energy company.
Despite the stock's surge, UBS lowered its price target on SolarEdge to $17 from $22, while maintaining a Neutral rating. The firm's analyst noted the company's strong Q1 performance but didn't provide specific details in the available report. Meanwhile, Jefferies took a slightly more optimistic stance, raising its price target to $10 from $9, although this still remains below the current trading price.
The market's robust response to SolarEdge's Q1 results suggests that investors are focusing more on the company's actual performance rather than analyst projections. This positive sentiment could indicate that SolarEdge's quarterly figures may have surpassed broader market expectations, potentially signaling improved business fundamentals or market positioning. As trading continues, investors will be keenly watching for more detailed information about SolarEdge's Q1 results and future outlook.
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