This article was originally published on ETFTrends.com.
A solar sector-related exchange traded fund was among the lone areas of strength Tuesday after SolarEdge Technologies (SEDG) revealed record revenues and Citi analysts upgraded Vivint Solar (VSLR) outlook.
Bolstering the solar segment, SolarEdge revealed its core solar microelectronics business delivered record-breaking revenue over the first quarter of 2019 even as integration costs related to recent acquisitions weighed on earnings, Green Tech Media reports.
"We opened 2019 with a strong quarter and record revenues driven by substantial growth, particularly in Europe, which demonstrates our leading position in the global solar inverter market," Guy Sella, founder, chairman and CEO of SolarEdge, said. "This quarter we concluded the acquisition of SMRE which provides us with an entry into the e-mobility market and we continued the integration of Kokam and the building of our UPS business."
SolarEdge Technologies shares surged 23.0% Tuesday. SEDG makes up 7.6% of TAN's underlying portfolio.
JMP Securities analysts also had a bullish outlook on SolarEdge, upgrading its rating on the stock to market outperform from market perform, TheStreet reports.
Additionally, Citi analyst Praful Mehta upgraded Vivint Solar to a buy rating from a neutral stance, pointing to the company's growth opportunities, improved execution and lower investor return thresholds, Street Insider reports.
"Management focus on ‘economic growth’ and use of direct/dealer channels improve our confidence on story. Finally, we believe that ‘monetizable value’, or value at which DG assets can be sold, has improved as investors (both private and public) are getting more comfortable in these asset cash flows and are willing to accept lower returns," Mehta said.
Vivint Solar shares jumped 10.5% on Tuesday. VSLR makes up 3.7% of TAN's underlying portfolio.
For more information on the renewables space, visit our renewable energy category.
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