Deutsche Bank downgrades three solar stocks as industry demand weakens in the U.S. and Europe

The firm downgraded three solar names to hold from buy: SolarEdge , Sunrun and Sunnova . Deutsche lowered the price target for SolarEdge to $150 — implying a 32% potential upside from the stock's closing price Thursday — from $300. Sunrun's price target was cut to $15, corresponding to a 42% upside, while Sunnova was trimmed to $12.50 — roughly 36% above its previous close.

mountain SEDG, RUN, NOVA YTD chart Analyst Corinne Blanchard cited for the downgrades an overall decline in demand that may not bottom until early 2024 in the U.S. Although she noted that demand remains strong in Northeastern U.S. states, higher interest rates are more likely to impair demand in Southern states, which she wrote "have historically been more focused on loans vs leases" and are likely to still revise numbers downwards.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Solar Stocks Plunge After Warning on Demand in EuropeSolarEdge Technologies said it encountered 'substantial unexpected cancellations and pushouts of existing backlog' from its European distributors.
Source: MarketWatch - 🏆 3. / 97 Read more »

We're buying up shares of this bank stock on a steep post-earnings pullbackShares of the firm were down roughly 8% in midday trading Wednesday, hitting a new 52-week low.
Source: CNBC - 🏆 12. / 72 Read more »