HSBC initiated coverage of Enphase Energy with a Buy rating and $271 price target. Enphase has an 86% global market share in microinverters, chips used in household and commercial solar rooftop panels, the analyst tells investors in a research note. The firm says the company dominates the U.S. market, where demand has "grown strongly, and can charge higher prices than its rivals." In addition, Enphase is expanding in Europe and also gaining ground in the "booming" energy storage system business, says HSBC.
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