RBC Capital initiated coverage of Enphase Energy with an Outperform rating and $140 price target. Enphase is the U.S. market leader in residential home solar inverters with a greater than 55% market share, the analyst tells investors in a research note. The firm says the company has built a “robust competitive moat” through its patented technology and reach across the installer network. RBC thinks residential solar demand is reaching an inflection point and multiples should expand with improving investor sentiment.
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