BMO Capital downgraded Enphase Energy to Market Perform from Outperform with a price target of $148, down from $175. The trough in U.S. residential solar demand appears to be deeper than anticipated and the timing of a recovery is uncertain, the analyst tells investors in a research note. The firm now forecasts Enphase’s fiscal 2024 revenues up “only a modest” 2%. This makes it harder to continue to justify magnitude of the company’s valuation premium BMO’s previously assumed, the analyst contends.
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