Enphase Energy price target lowered to $105 from $210 at Northland

Northland lowered the firm’s price target on Enphase Energy to $105 from $210 and keeps an Outperform rating on the shares. Enphase reported inline non-GAAP EPS in Q3, but guided significantly below Q4 consensus as an inventory correction, decline in demand in Europe, and weak demand in California are “driving a grim outlook.” The firm, which says it has taken “a conservative approach to our estimates,” admits the “near term remains bleak,” but believes a demand recovery is “inevitable” as economics shift back toward residential solar and storage.