KeyBanc downgraded Enphase Energy to Sector Weight from Overweight without a price target. The analyst believes the timing of recovery in demand is uncertain due to a “poorly quantifiable inventory glut in the channel.” The issue has persisted for much longer than the firm initially anticipated, and the visibility there is low, including for the management team itself, the analyst tells i investors in a research note. The firm sees the window for the stock to “work” as narrow in 2024.
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