Wells Fargo downgraded Enphase Energy to Equal Weight from Overweight with a price target of $171, down from $230, post the Q2 results. While the company’s growth in Europe remains robust and its valuation has come down, an accelerating U.S. market slowdown in Q4 and 2024 could continue to weigh on the shares, the analyst tells investors in a research note. The firm says the combination of California’s NEM 3.0, high interest rates, and low natural gas prices have accelerated the slowdown in the U.S residential solar market.
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Read More on ENPH:
- Enphase Energy price target lowered to $200 from $225 at Susquehanna
- Enphase Energy price target lowered to $262 from $313 at TD Cowen
- Enphase Energy downgraded to Hold from Buy at Deutsche Bank
- Enphase Energy downgraded to Equal Weight from Overweight at Wells Fargo
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