Enphase Energy initiated with a Buy at Canaccord

Canaccord initiated coverage of Enphase Energy with a Buy rating and $142 price target. Over the coming decades, solar power generation will prove one of the most critical technologies for transitioning the grid to renewable energy with no direct CO2 emissions, the analyst tells investors in a research note. The firm views Enphase as better equipped than Solaredge Technologies to benefit from a demand recovery in the near term due to its use of contract manufacturers and existing production lines in the U.S. In addition, it’s modular, scalable microinverter products can be paired with any number of panels, the analyst tells investors in a research note.