Buy Enphase (ENPH) on Recent Weakness, Needham & Company Says

Needham & Company reiterated a Buy rating and $20 price target on Enphase Energy (NASDAQ: ENPH), telling clients to "buy on recent weakness".

Analyst Y. Edwin Mok said, " We believe the recent sell-off of ENPH shares represents an excellent buying opportunity for a strong hardware growth story leveraged to a growing sector. We believe the bears are overly focused on Enphase's market share position and fail to recognize the solar industry shift toward a more distributed energy management system, benefiting Enphase's unique microinverter-based solution. While investors expressed concern over the limited profitability of the company, we believe the Street underappreciates the long-term earnings potential that we believe will ultimately be driven by growth in multiple areas. With the Street's 2015 estimates coming down, reflecting the recent increase in company investments, we see room for upside to 2015 estimates, and therefore reiterate our Buy and PT of $20."

For an analyst ratings summary and ratings history on Enphase Energy click here. For more ratings news on Enphase Energy click here.

Shares of Enphase Energy closed at $11.48 yesterday.

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