Jefferies lifted its price target on SolarEdge Technologies (NASDAQ: SEDG) to $24.00 from $20.00 while maintaining an Underperform rating.

The firm said the company had rallied 183% year-to-date, far outpacing the TAN index's 40% gain, despite limited evidence of meaningful operational leverage materializing. Analysts pointed to potential benefits from the market's shift to PPA and lease structures under Section 25D, as well as some commercial and industrial share gains, but said execution risks remained.

Jefferies estimated SolarEdge's volumes would grow 10% in 2026, well below consensus expectations of 17%. The firm said much of the perceived upside from share gains may already be priced into the stock, and it remained cautious on the residential solar market outlook beyond 2026.