Barclays Upgrades Enphase Energy (ENPH) to Overweight, 'Approaching inflection point'

Barclays analyst Christine Cho upgraded Enphase Energy (NASDAQ: ENPH) from Equalweight to Overweight with a price target of $134.00.

The analyst said: "We think current levels provide a reasonable entry point as de- stocking is completed by the end of 2Q and demand is set to increase from trough levels as we move through the year. Adept at adapting; Upgrade to Overweight with PT of $134: Our upgrade today is driven by 3 factors: 1) We feel comfortable de-stocking will be done by end of 2Q and demand is set to increase off the recent lows, 2) The company is holding market share as it increasingly penetrates the Tier 1/2 and TPO markets. We also expect ENPH's product offering to hold up well in CA against TSLA, and 3) Current valuation is reasonable entry point if we are approaching an inflection point."

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 $107.83 yesterday.

You May Also Be Interested In

• Northland Upgrades Hyliion Holdings (HYLN) to Outperform 'on Improved Visibility to KARNO Commercialization'
• Freedom Broker Downgrades Holley (HLLY) to Hold
• Wolfe Research Upgrades Biogen (BIIB) to Outperform