Citi analyst Vikram Bagri downgraded Enphase Energy (ENPH) to Neutral from Buy with a price target of $121, down from $126. The analyst says the pace of the company’s inventory reduction is slower than expected in the U.S. A slower recovery domestically combined with threat of competition from Tesla (TSLA) and need for further inventory reductions puts both Enphase’s near- and long-term outlook in question, the analyst tells investors in a research note. Citi’s revenue estimate is now 5% and 8% below street estimates for 2024 and 2025, respectively. It will remain on the sidelines pending a better entry point, adjustment in Street estimates and/or clarity on the company’s long-term earnings power.
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