Enphase Energy (ENPH) PT Raised to $210 at Needham & Company
Needham & Company analyst James Ricchiuti raised the price target on Enphase Energy (NASDAQ: ENPH) to $210.00 (from $195.00) while maintaining a Buy rating.
The analyst commented, "ENPH reported strong 3Q21 results that sharply exceeded our and consensus estimates. Besides the beat, the highlights of the quarter were higher than expected 4Q21 guidance, more upbeat commentary regarding managing the supply chain challenges, another price increase to offset higher costs and strong FCF generation. Mgmt's disciplined approach has allowed the company to better navigate logistical issues, add new component suppliers, add manufacturing capacity, and introduce new products and features. We look for the stock to move up sharply today given the clean beat, positive outlook and upbeat commentary. We maintain our BUY rating and increase the PT to $210/sh on higher projected long-term EPS growth based on the rollout of new products, ramp up in storage sales, and international expansions."