Enphase Energy (ENPH) PT Lowered to $45 at Mizuho

Mizuho analyst Maheep Mandloi lowered the price target on Enphase Energy (NASDAQ: ENPH) to $45.00 (from $54.00) while maintaining a Neutral rating.

The analyst comments "We reduce our PT by 17% to $45, mainly owing to slower revenue recovery vs our prior expectations and mark-to-market discount rates. ENPH delivered in-line 2Q26 revenue and a beat on GM percentage. Q3 revenue guide came in better than consensus estimates, but mainly driven by higher safe harbor revenues. While the safe harbor revenues do point to a strong backlog for future deliveries well into 2028-30 timeframe, in the short term this implies non-safe-harbor revenues are tracking slightly below expectations. We do see growth in 2027 driven by Propel, Europe, and battery shipments. Reiterate Neutral rating, as the Solid State Transformer (SST) opportunity, while still intact, will likely be realized beyond 2028."

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