Barclays analyst Christine Cho upgraded Enphase Energy (ENPH) to Overweight from Equal Weight with a $134 price target, up from $115. Current share levels provide a “reasonable entry point” as de-stocking will be completed by the end of Q2 and demand is set to increase from trough levels throughout 2024, the analyst tells investors in a research note. The firm believes Enphase is holding market share as it increasingly penetrates the tier one and two third-party owner market. Barclays also expects the company’s product offering to hold up well against Tesla’s (TSLA) in California.
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