Enphase Energy (ENPH) PT Raised to $153 at Craig-Hallum

Craig-Hallum analyst Eric Stine raised the price target on Enphase Energy (NASDAQ: ENPH) to $153.00 (from $147.00) while maintaining a Buy rating.

The analyst commented: "Enphase Energy reported 2Q results shy of Street expectations and it guided 3Q revenues below estimates at the midpoint driven by microinverter (MI) shipment softness. ENPH’s quarterly results were highlighted by a step-up in energy storage volumes (expected to continue in 2H24), the ramp in U.S. MI production (means increased 45x tax credit capture), and ~$100M of stock repurchased. With all of that said, the most important data point was that ENPH’s “global channel inventory returned to normal levels as (it) exited the second quarter of 2024.” While the pace of the recovery still remains quite uncertain, the worst is behind ENPH and we think investors can now start to again focus on its leading market position, ongoing strong execution, a rapidly expanding energy storage market opportunity, and its growth outlook for new products and new geographies. We reiterate our Buy rating."

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