RBC Capital analyst Christopher Dendrinos downgraded Enphase Energy to Sector Perform from Outperform with a price target of $100, down from $125. The firm says competitive market dynamics will result in a slower pace of growth next year, which is not reflected in current consensus estimates. It models 2025 revenue of $1.825B for Enphase, 8% below consensus, and 2026 revenue of $2.05B, 13% below consensus. The high interest rate environment and ability of third-party ownership systems to access higher Inflation Reduction Act tax credits to support continued adoption could be an increasing headwind to demand growth next year, the analyst tells investors in a research note.
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