Shares of Enphase Energy (NASDAQ:ENPH) are higher today, which can be attributed to an analyst upgrade. Indeed, Sean Milligan of Janney Montgomery increased his price target to $282 per share while upgrading the stock from Hold to Buy. For reference, his previous price target was $238 per share.
Milligan believes that the softness in domestic residential markets is priced in, as the stock’s drop from its recent peak makes the valuation look attractive. Indeed, Enphase trades at a slight discount to SolarEdge (NASDAQ:SEDG). In addition, Milligan expects to see margin expansion going forward.
Overall, Wall Street analysts have a consensus price target of $301.50 on ENPH stock, implying 43.43% upside potential, as indicated by the graphic above.
