Enphase Energy price target lowered to $104 from $114 at BMO Capital

BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Enphase Energy to $104 from $114 and keeps a Market Perform rating on the shares as part of a broader research note previewing Q3 results in the Energy Transition & Infrastructure sector. The earnings season is coinciding with U.S. elections, and investors should be cautious with respect to adding to positions or putting new capital to work but rather should focus on “relative value”, the analyst tells investors in a research note. There is limited probability of a full rollback of the Inflation Reduction Act, but policy uncertainty will emerge in case of a Trump win and Republican gains in Senate/House, the firm added. BMO further notes that data and industry commentary both in the U.S. and Europe continue to point to very limited if any rebound in residential solar demand that is key to driving top-line results for the company.