Enphase Energy price target lowered to $102 from $114 at BofA

BofA analyst Julien Dumoulin-Smith lowered the firm’s price target on Enphase Energy to $102 from $114 and keeps an Underperform rating on the shares. The firm’s lower target is a function of estimate revisions, a mark-to-market of the 2024 and 2025 EBITDA multiple and an increase in discount rates, the analyst tells investors. Enphase remains pressured by macro, structural, and idiosyncratic difficulties, says the firm, which flags downside to near and medium term Street estimates as it contends that these risks “remain underappreciated.”