SolarEdge Technologies Inc. (SEDG) saw its stock price surge 5.12% in intraday trading, following a series of price target adjustments from multiple analysts. The solar energy company's shares received a boost as several Wall Street firms reassessed their outlook on the stock.
Leading the positive sentiment, Wells Fargo significantly raised its target price for SolarEdge to $24 from $15, representing a 60% increase. This was followed by Northland Securities, which lifted its price target to $20 from $15.50, maintaining a Market Perform rating. TD Cowen also joined the bullish trend, increasing its target to $20 from $18 while keeping a Hold rating on the shares.
However, the outlook wasn't uniformly positive. Susquehanna slightly trimmed its price target to $25 from $26, although this still represents a premium to the current trading price. BMO Capital Markets also adjusted its stance, raising its target price to $16 from $11. The mixed but generally optimistic analyst revisions appear to have fueled investor confidence, driving the stock's significant intraday gain.
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