Enphase Energy price target lowered to $115 from $220 at Evercore ISI

Evercore ISI analyst James West lowered the firm’s price target on Enphase Energy to $115 from $220 and keeps an Outperform rating on the shares. Enphase continues to accelerate its transition from a solar company to an energy transformation company and this long-term strategy remains intact, but resetting the inventory channel will take longer than previously expected, the analyst tells investors in a note partially titled “Always Darkest Before the Dawn.” The firm now expects Enphase to under ship the channel through end of this year and into the first quarter of next year, the analyst noted.