Enphase Energy (ENPH) PT Lowered to $195 at Piper Sandler
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Piper Sandler analyst Kashy Harrison lowered the price target on Enphase Energy (NASDAQ: ENPH) to $195.00 (from $200.00) while maintaining an Overweight rating.
The analyst commented, "Entering earnings, the prominent unknown revolved around ENPH's ability to meet robust demand given the strained global supply-chain. And while Q1'21 volume growth was attractive (+9% q/q; +29% y/y) thereby driving revenue toward the high-end of guidance, limited availability of semiconductor components results in muted Q2'21 growth and revenues 3-4% below expectations. ENPH expects some relief during 2H'21 from additional suppliers which should aid sequential solar shipments; however, ENPH will not meet robust demand based on current orders. We reduce our Q3/Q4 revs to $336/$368M(Street: $356/$381M) and, unsurprisingly, anticipate weakness following this update (-7%post-market). Despite near-term headwinds, there continues to be ample demand forENPH's product, gross margin commentary leads us to believe there is upside to street '22estimates, and we believe the industry expects chip shortages to be resolved by year-end. We reiterate our Overweight rating and would be buyers on weakness."
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