SolarEdge stock plunges after Morgan Stanley downgrade

SolarEdge Technologies (SEDG.US) shares fell more than 5% during today's session after Morgan Stanley downgraded the company to equal-weight from overweight with a price target of $338, up from $318, saying that the stock appears to be fully valued after a recent hot streak with a limited room for further upside. The analyst Stephen Byrd added that as the company's non-solar business grows, its margins may decline over time.

SolarEdge (SEDG.US) stock launched today's session with a bearish price gap, and buyers made an attempt to break above local resistance at $ 338.00, which coincides with 38.2% Fibonacci retracement of the last upward wave. However, bulls did not have strength to stay above this level and price resumed downward move. If current sentiment prevails, next support at $305.00 may be at risk. Source: xStation5