Monday, July 15, 2024

US Stocks Show Mixed Performance; Nasdaq Poised for All-Time High with Surge in Chip Stocks

Recent Updates in the Finance World: SolarEdge Jumps, Meta Platforms Down, Corning Surges, Nvidia Gains, Tesla Shares Down, Stock Futures Edge Higher

**SolarEdge Jumps After Bank of American Upgrade**

SolarEdge Technologies (SEDG) experienced a significant surge in its stock price on Monday following an upgrade from Bank of America. The solar power equipment maker’s shares soared in intraday trading after BofA Securities raised its rating to “neutral” from “underperform.” While the price target was lowered to $29 from $44.1, analysts at Bank of America are optimistic about SolarEdge’s future profitability.

The strategists at BofA believe that the recent drop in SolarEdge’s share price was based on unlikely worst-case scenarios, including inventory writedowns and challenges in recovering from inventory channel congestion. However, they expect SolarEdge to return to profitability in the first half of 2025.

As a result of the upgrade, SolarEdge shares were up by more than 8% in mid-afternoon trading, indicating investor confidence in the company’s potential for growth.

Investors will be closely monitoring SolarEdge’s performance in the coming months to see if the company can meet the expectations set by Bank of America and capitalize on the positive momentum in the market.

*By Bill McColl*

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