UPDATE: Stephens Starts Enphase Energy (ENPH) at Overweight, 'Leading Microinverter Company'
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(Updated - June 24, 2021 4:33 PM EDT)
Stephens analyst Gail Nicholson initiates coverage on Enphase Energy (NASDAQ: ENPH) with a Overweight rating, PT $215.00.
The analyst comments "Enphase (ENPH) pioneered a semiconductor-based microinverter that coverts energy at the individual module and combined with proprietary networking + software, provides advanced energy monitoring and control. Microinverters are currently the largest portion of Enphase’s business, though the company launched battery/storage in 2H20 and we anticipate the portable power station is rolled out at the end of ’21, which should drive incremental shareholder value creation (new segments increase SAM from $4.1 billion in ’20 to over $14 billion in ’23). The stock was negatively affected by semiconductor supply issues, though we believe the pullback creates an attractive entry point for investors as the issues are transitory in nature (we anticipate semiconductor issues should be alleviated by the end of ’21) and ENPH is poised for growth (modeling y/y revenue growth of 70%/35%+ in ’21/’22) + market share expansion. We are initiating coverage with a $215 price target and OW rating."
Shares of Enphase Energy closed at $170.24 yesterday.
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