Enphase Energy price target lowered to $209 from $240 at Citi

Citi lowered the firm’s price target on Enphase Energy to $209 from $240 and keeps a Buy rating on the shares. The company reported a sales miss in Q2 and the Q3 revenue guidance was 23% lower than consensus, the analyst tells investors in a research note. While Enphase’s margins and pricing remain intact, the big reset in inventory and revenues will result in a sharp re-rating of the stock, the analyst tells investors in a research note. However, Citi believes the company has a large opportunity to diversify within Europe and has products on the horizon that should facilitate market share gains.