Seaport Research lowered the firm’s price target on Enphase Energy (ENPH) to $129 from $144 and keeps a Buy rating on the shares. The company provided a surprisingly negative update on Europe, which the firm believes is due to the company struggling to navigate some of the regulatory/economic challenges for its core market trio and its inability to ramp new products/territory fast enough elsewhere to compensate, the analyst tells investors. The firm maintains its Buy rating on the stock, believing there is an attractive risk-reward given a U.S. residential recovery underway, confidence in the company’s battery strategy and technology, and continued robust free-cash-flow generation.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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