William Blair analyst Jed Dorsheimer has maintained their neutral stance on ENPH stock, giving a Hold rating yesterday.
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Jed Dorsheimer has given his Hold rating due to a combination of factors affecting Enphase Energy’s outlook. The company is currently facing structural challenges that threaten its long-term growth and profit margins. Although Enphase exceeded expectations in the third quarter of 2025, the guidance for the fourth quarter fell short, with management preparing for further weakness in early 2026. A significant decline in the U.S. residential solar market is anticipated, indicating a structural reset rather than a temporary downturn.
Additionally, the competitive landscape is intensifying, particularly with Tesla’s Powerwall 3 gaining market share, which is putting pressure on pricing in the home energy storage sector. The fading of policy support, such as the expiration of the 25D tax credit, and a strategic pivot in energy policy towards baseload energy sources like natural gas and nuclear, further complicate the outlook for solar energy. While Enphase is shifting its focus towards battery storage, the structural challenges in the solar market and the competitive pressures lead to a cautious medium-term outlook, justifying the Hold rating.
In another report released yesterday, TD Cowen also maintained a Hold rating on the stock with a $35.00 price target.