Enphase Energy price target lowered to $130 from $140 at RBC Capital

RBC Capital lowered the firm’s price target on Enphase Energy to $130 from $140 and keeps an Outperform rating on the shares. The company’s Q1 results disappointed on lower than expected revenues and an increasingly cautious outlook from lower underlying demand, the analyst tells investors in a research note. RBC adds that while the management highlighted that it remains on track to normalize channel inventory levels by the end of Q2, the firm sees risk for Enphase in achieving the guidance for a run rate $450M-$500M per quarter this year.