Needham & Company Remains Sidelined on Enphase Energy (ENPH) Following AC Battery Opportunity
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Needham & Company reiterated a Hold rating on Enphase Energy (NASDAQ: ENPH) following the company's announcement that it has started shipping AC batteries to customers in Australia and New Zealand. Needham believes that this announcement confirms good market demand for ENPH's storage solution in Australia and New Zealand as highlighted by management during the 2Q16 earnings call.
Analyst Edwin Mok commented, "ENPH announced it has started shipping AC batteries to customers in Australia and New Zealand, noting strong demand from its network of installers. We believe this announcement likely helps assuage some investor doubts on the storage prospects in Australia relative to softer outlooks provided by other suppliers into the region. We believe the strong demand confirmed the differentiation of ENPH's unique AC battery and we are incrementally more positive on the storage opportunity for ENPH. However, we believe tight liquidity remains a major hurdle for the company given the additional cash burn to fully ramp up the storage business."
Shares of Enphase Energy closed at $1.84 yesterday.
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