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SolarEdge Technologies ( SEDG ) shares rallied Tuesday after analysts at Goldman Sachs reportedly issued a double upgrade for the solar equipment maker.

Goldman bumped its rating up to "buy" from "sell" and raised its price target to $19 from $10, according to Investor's Business Daily . That’s a 29% premium after shares of SolarEdge soared 20% to $14.78 intraday Wednesday. However, the stock is down nearly 85% in 2024.

The firm said that concerns over SolarEdge's $350 million of debt may be "overblown," the report said. In June, SolarEdge said one of its customers filed for Chapter 7 bankruptcy and likely would not be able to pay its $11.4 million debt.

Last month, SolarEdge closed its Energy Storage division, which it said would save the company $7.5 million in operating expenses by the second half of 2025. Goldman said the restructuring gives SolarEdge an opportunity to improve its product sales mix, per IBD .

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