SMTGF - Is There Excess Inventory In The SolarEdge Channel Ahead Of Huawei's Big Competitive Launch?

We see 50-82% downside to SolarEdge Technologies' (SEDG) stock price due to negative earnings revision catalysts. See below for our full 38 page memo.

Table of contents:

1. Despite stagnant sales in the United States during the previous six quarters due to a declining solar end market, SEDG reported 70% year-over-year growth rate in 4Q17 even though there was minimal market growth in SEDG’s core US markets during this period. (page 2)
2. SEDG’s market share growth among US residential installers does not properly explain the 4Q17 volume surge, in our view. (page 4)
3. While

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