Enphase Energy (ENPH) PT Lowered to $125 at RBC Capital

RBC Capital analyst Chris Dendrinos lowered the price target on Enphase Energy (NASDAQ: ENPH) to $125.00 (from $130.00) while maintaining a Outperform rating.

The analyst comments "2Q24 results largely in line with consensus and 3Q24 margin profile stronger than expected but on slightly lower top line growth. We believe the results and outlook will be well-received given low expectations. ENPH is executing on a number of self-help initiatives including ramping domestic manufacturing content and launching new products that are expanding the TAM and increasing competitive positioning. Despite this, we lower our 2025 revenue forecast by 5% to ~$1.9bn ($2.0bn prior) due to weak underlying market demand and see risk to consensus ~$2.1bn estimates. Reducing PT to $125 (from $130) on estimate revisions."

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