Roth Raises Target on Enphase (ENPH) 50% Following Q2 Results and Outlook

Roth Capital affirms Enphase Energy (Nasdaq: ENPH) at Buy and raises its target price from $10 to $15 following Q2 results.

Analyst Philip Shen noted strong Q2 results from Enphase, with revs of $82 million and adjusted loss of 1 cent per share comparing with consensus estimates calling for revs of $71.1 million and loss of 2 cents per share.

Shen highlights three key takeaways from the results and commentary:

• (1) US revenue growth was up 50% YoY. International growth in Q2 continued nicely in both the UK and Australian markets. The mix of international revenues maintained its share of 15%;

• (2) ENPH is enabling the development of burgeoning financing models, such as no-money-down loans and PACE. We believe the company is in discussions with as many as a dozen additional financing partners. We expect these relationships to support demand growth for ENPH microinverters; and

• (3) While we believe the release of the commercial product could serve as another meaningful source of demand ahead, the timing remains unclear.

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

Enphase Energy closed at $9.70 yesterday.

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