Enphase Energy price target lowered to $117 from $120 at Piper Sandler

Piper Sandler lowered the firm’s price target on Enphase Energy to $117 from $120 and keeps a Neutral rating on the shares. California’s transition toward the Net Billing Tariff structure represents one of the more consequential events within the U.S. residential solar market given the likelihood that most markets inevitably transition toward a similar successor program due to the unsustainability of net metering at elevated penetration levels, the analyst tells investors in a research note.