Oppenheimer lowered the firm’s price target on Enphase Energy (ENPH) to $101 from $134 and keeps an Outperform rating on the shares. With Enphase missing revenue expectations, but continuing to show strong gross margin and operating cash flow, the firm believes the company is preserving value capture well in a difficult end-market. At the same time it continues to evolve its product portfolio to meet rapidly evolving duty cycles across geographies, Oppenheimer says.
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