Keep an eye on oversold solar stocks, like SolarEdge (SEDG).
Wildly oversold at $96.32, SEDG could soon refill its bearish gap around $120. All as the solar industry shows big signs of life.
For one, the Federal Reserve’s potential rate cuts are already relieving fears of further slowing demand for solar. Two, according to Bloomberg, “Electricity generated from US solar and wind systems will surpass power produced by burning coal for the first time next year, driven by surging panel installations.”
Three, Roth MKM raised its price target on SEDG to $80 from $60. All after meeting with the SEDG CFO “discussing the company’s outlook for growth in 2024, the status of inventory destocking in the EU, and the outlook for resi and C&I market trends in the E.U. and U.S.,” as noted by TheFly.com.