Enphase Energy price target lowered to $180 from $210 at Piper Sandler

Piper Sandler lowered the firm’s price target on Enphase Energy to $180 from $210 and keeps an Overweight rating on the shares. The company reported a “much more challenging update” than anticipated with the Q3 revenue guidance ober 20% below expectations. U.S. residential sell-through activity was weaker than Enphase anticipated and defied the typical seasonality Q2 uplift, the analyst tells investors in a research note. Piper believes the Q3 de-stocking reset may represent the bottom as Enphase is expanding into new European territories.