Enphase Energy (ENPH) PT Lowered to $125 at Deutsche Bank, 'remain cautious on the name given the current solar environment'

Deutsche Bank analyst Corinne Blanchard lowered the price target on Enphase Energy (NASDAQ: ENPH) to $125.00 (from $165.00) while maintaining a Hold rating.

The analyst comments "We maintain our Hold rating on ENPH and the Price Target is now $125 (vs $165/sh previously), based on a blended 50/50 approach of 20x 2024e EBITDA and 15x P/E multiples. We remain cautious on the name given the current solar environment and sluggish residential demand in the US, but also some softness in the European market. We believe it could take 6 to 9 months before we see more positive trends, post which would be an interesting time to revisit the name in early 2024. In the meantime, we believe weakness in the US will impact numbers in 4Q and potentially 1Q24. We trim our numbers for 2H23 but also in 2024, as we believe the inflexion point will not be before 2Q24 at the very least. We revise down our revenue estimates for 2023 by 20% to $2.56bn and down 33% for 2024 to $2.64bn. Our 2023e numbers are mostly in line with Consensus, while our 2024 estimates are 12% below Consensus."

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