Enphase Energy downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Corinne Blanchard downgraded Enphase Energy to Hold from Buy with a price target of $165, down from $200. The firm is more cautious on the growth profile in the next 6-12 months, arguing there is “a growing negative backdrop,” especially when looking at the U.S. residential market and relatively high inventory in the channel. Demand softness in key U.S. markets of California, Arizona, Texas and Florida, coupled with seasonality in Europe, will also add pressure on Enphase’s revenue, the analyst tells investors.