Enphase Energy (ENPH) PT Lowered to $77 at Oppenheimer

Oppenheimer analyst Colin Rusch lowered the price target on Enphase Energy (NASDAQ: ENPH) to $77.00 (from $86.00) while maintaining a Outperform rating.

The analyst commented: "ENPH delivered in-line revenue and upside to margin/EPS as the company continues to manage its supply chain well and sees the benefits of ongoing product design improvements. While 3Q25 revenue guidance was below expectations, we note 220bps GM upside at midpoint and the exclusion of any pull-in/safe harbor revenue given pending Treasury guidance which suggests potential for positive revisions. Notably ENPH is working with customers/partners to fill the gap on lease financing for long-tail installers to mitigate 25D related demand erosion. We are adjusting estimates to reflect slower EU demand and US transition to lease financing in 2026. However, we remain bullish on margin recovery as the company sees tariff related battery cost tailwinds, but lower our PT to $77 (from $86) on lower estimates."

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