Enphase Energy (ENPH) PT Raised to $150 at Canaccord Genuity

Canaccord Genuity analyst Austin Moeller raised the price target on Enphase Energy (NASDAQ: ENPH) to $150.00 (from $130.00) while maintaining a Buy rating.

The analyst commented: "We are reiterating our Buy rating on ENPH and raising our PT to $150. We expect ENPH to be in an improved position to ramp US and European shipments over the next 2 years, particularly as the new IQ9 microinverter is launched in 1H25 and eventual rate cuts improve customer demand and reduce the payback period in CA and the US more broadly. Our $150 PT is calculated using a 55.8x P/E multiple applied to our 2024 estimates, which represents a 22% premium on the 5-year average NTM P/E for ENPH."

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