Needham & Company Starts Enphase Energy (ENPH) at Buy
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Needham & Company initiates coverage on Enphase Energy (NASDAQ: ENPH) with a Buy rating and a price target of $20.00.
Analyst Y. Edwin Mok states, "As the dominant supplier of microinverter systems with strong share in the U.S. residential solar market, Enphase stands to benefit from the exceptional growth of this market. Beyond U.S. residential, we believe international expansion and new commercial products will be incremental growth drivers in 2015 and beyond. We see upside to consensus 2014/15 estimates, and expect profitable growth ahead. We believe Enphase is a unique technology growth story in the solar sector, ideal for small-cap growth investors looking to participate in a growth market."
Shares of Enphase Energy closed at $13.87 yesterday.
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