As previously reported, Guggenheim analyst Joseph Osha downgraded Enphase Energy (ENPH) to Sell from Neutral with a $33 price target calling the company’s Q1 report and outlook “worse than initially apparent.” The company is making “minimal progress” in its efforts to generate revenue growth, despite benefiting from $95M in safe-harbor, or essentially demand pull forward, revenue in Q1 and Q2 of this year, the analyst tells investors. Considering the likelihood that the U.S. residential solar market will likely no longer be enjoying the benefit of current ITC adders, the firm believes that Enphase will likely struggle to grow its inverter business, adds the firm, whose model now projects the company to have flat year-over-year revenue in 2026.
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