TD Cowen analyst Jeffrey Osborne raised the price target on Enphase Energy (NASDAQ: ENPH) to $40.00 (from $35.00) while maintaining a Hold rating.

The analyst comments "1Q26 guide raised to $270-300mn vs. prior $250mn, driven by $35mn in Safe Harbor. U.S. demand surged 21% QoQ as 25D expiration pulled installations forward, leaving the channel lean. Tariffs remain a ~5% margin drag, and Europe continues to weaken. IQ9 and battery ramp key to 2H. Raise price target to $40 on 13x EV/EBITDA and 16x P/E using our '27 estimates, including 45X credits."