SolarEdge Technologies is in a better position after its selloff this year and could rise more than 50%, Bank of America says. Analyst Julien Dumoulin-Smith raised his price target on the stock and reiterated a buy rating, saying SolarEdge is in a “healthy” position. “The Street expects a roughly flat 2023 for US resi, which is in line with communications from SEDG mgmt., but coming out of Intersolar Munich (a renewable industry conference), investors are weary of the European growth story after polysilicon prices collapsed,” wrote Dumoulin- Smith on Friday. “We argue that these concerns appear to be misplaced and point to an acceleration in EBITDA in 2H23, driven by compound operating leverage and further C&I and storage deployment,” Dumoulin-Smith added. SEDG 1D mountain Shares of SolarEdge Technologies One-day SolarEdge has this year underperformed, down more than 10%, while the S&P 500 is up 14%.However, the analyst raised his price target to $396 from $379, suggesting the stock could rise 55% from Thursday’s close.Stock rose more than 1% in premarket trading Friday. The analyst actually expects SolarEdge could top its second-quarter revenue estimates, citing the company’s continued strength in Europe. “Despite lofty growth targets, we remain confident in SEDG’s ability to compete in these markets, given its technological value proposition and 5-10 year track record,” Dumoulin-Smith wrote. “SEDG has reiterated its strong growth outlook for resi and C&I across Europe and we expect continued growth as SEDG reduces its three-phase inverter capacity for storage applications (critical to the German market and C&I storage deployments). ” —CNBC’s Michael Bloom contributed to this report.