UPDATE: Susquehanna Upgrades Enphase Energy (ENPH) to Positive on Strong Resi Solar Growth
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Susquehanna analyst Biju Perincheril upgraded Enphase Energy (NASDAQ: ENPH) from Neutral to Positive with a price target of $200.00.
The analyst commented, "While the alternative energy sector has seen a recent multiple de-rating on concerns of rising
yields, we think the outlook for the sector remains robust. We now expect 2021-‘25 annual solar capacity additions in the US to average ~25 GWs, an increase of ~1 GW relative to our forecast in early January when we moved to the sidelines on ENPH and SEDG. The majority of the increase in our forecast comes from the residential sector (from 3.6
GW per year to 4.3), where ENPH and SEDG stand to benefit most. The strong sector outlook coupled with the pullback in the sector has made valuations more reasonable. Thus, we are moving to a Positive rating on both ENPH and SEDG. Our price targets remain $200 and $345, respectively. The key risk to our call is a continuation of the sector rotation out of high-multiple names on rising yield concerns."
Shares of Enphase Energy closed at $153.00 yesterday.
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