Enphase Energy price target lowered to $135 from $148 at Northland

Northland lowered the firm’s price target on Enphase Energy to $135 from $148 and keeps an Outperform rating on the shares. While Enphase missed Q4 consensus revenue estimates and non-GAAP earnings were a penny below consensus, Q1 is expected to be the bottom of the cycle, with channel inventory cleared by the end of Q2, the analyst tells investors. The firm’s estimates are cut on lower gross margin assumptions due to an increasing mix of storage, but the analyst calls the report “better than feared.”