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.
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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.