Mizuho downgraded Enphase Energy (ENPH) to Neutral from Outperform with a price target of $37, down from $50. The firm cites reduced residential solar demand in 2026, Enphase’s lower solar market share due to lease switching, and limited visibility into the success of its new lease and loan financing model for the downgrade. Mizuho expects the company to report Q3 beat due to safe harbor sales, but sees a Q4 guidance miss versus consensus due to channel inventory slowing ahead of tax credit step down.
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