Enphase Energy downgraded to Hold from Buy at Truist

Truist analyst Jordan Levy downgraded Enphase Energy to Hold from Buy with a price target of $135, down from $210. The analyst sees the shares remaining rangebound on the potential for U.S. residential weakness extending into 2024. The firm expects Enphase to play a meaningful role in the theme of home electrification over the coming years, but sees potential for a prolonged recovery in U.S. residential solar and storage acting as a headwind to shares in coming quarters.