Enphase Energy initiated with a Buy at Mizuho

Mizuho initiated coverage of Enphase Energy with a Buy rating and $131 price target. Enphase is a U.S.-based microinverter manufacturer for residential solar markets, the analyst tells investors in a research note. The firm cites the company’s “differentiated” patent-protected technology, market-leading position in the U.S. residential solar market, growing presence internationally, growth opportunity in battery storage shipments with inverters, and attractive valuation for the Buy rating. It believes near-term demand slowness and inventory destocking are priced into the shares.