Enphase Energy price target lowered to $125 from $165 at Deutsche Bank

Deutsche Bank analyst Corinne Blanchard lowered the firm’s price target on Enphase Energy to $125 from $165 and keeps a Hold rating on the shares. The analyst cutting solar numbers into the second half of 2023 and 2024 on sluggish demand and lingering environmental headwinds. The firm sees further downside with sluggish demand on the residential side, both in the U.S. and Europe, a “stuffed” inventory channel which likely will take the next two to three quarters to decrease, pricing pressure and high competition on equipment, and overall challenging macro conditions. At this time, Deutsche would expect to see a bottom forming in late Q1 to Q2 of 2024, before potentially seeing a rebound into the second half of 2024.