B. Riley lowered the firm’s price target on Enphase Energy to $133 from $149 and keeps a Buy rating on the shares. Enphase reported Q1 revenue that was below the firm’s estimates and at the low end of guidance and it confirmed Q1 as the bottom with the normalization of the inventory channel by the end of Q2 with a path to recovery to $450M-$500M by year-end, the analyst tells investors in a research note. California is appearing as less of a wildcard with expectations around demand stabilizing and NEM 3.0 increasing in 2H24, the firm says.
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