JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
Investing.com - JPMorgan downgraded Voltronic Power Technology Corp (TPE:6409) from Neutral to Underweight on Wednesday, slashing its price target to NT$900.00 from NT$1,750.00.
The downgrade comes as JPMorgan expects year-over-year revenue decline to worsen in the second half of 2025 for the Taiwanese power equipment manufacturer. Both the company’s uninterruptible power supply (UPS) and solar inverter businesses face declining demand due to macroeconomic uncertainties and intensified competition.
Voltronic’s UPS business has shown weak year-over-year growth since the fourth quarter of 2024 as restocking sentiment faded and clients expressed concerns about end demand, resulting in muted orders for the second half of 2025.
The solar inverter business, previously a margin-lucrative segment for Voltronic , now faces pricing pressure from Chinese competitors, leading to lower margins. Competition in European and South African markets remains strong, further challenging the company’s position.
JPMorgan’s analysis indicates year-over-year gross profit growth is the key share price driver for Voltronic, which is expected to worsen in the third quarter of 2025 due to a high base effect, margin pressure amid weak orders, and higher operating expenses related to restricted employee stock awards.
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