Shares of Enphase Energy (NASDAQ:ENPH) gained in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $1.51, which beat analysts’ consensus estimate of $1.27 per share. Sales increased by 75.6% year-over-year, with revenue hitting $724.65 million. This beat analysts’ expectations of $703.16 million.
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Looking forward, management now expects revenue for Q1 2023 to be in the range of $700 million to $740 million. For reference, analysts had expected $682.3 million, which would have equated to a 3% year-over-year decline.
Overall, Wall Street has a consensus price target of $306.36 on Enphase stock, implying 34.1% upside potential, as indicated by the graphic above.