Enphase Energy price target lowered to $230 from $255 at Piper Sandler

Piper Sandler analyst Kashy Harrison lowered the firm’s price target on Enphase Energy to $230 from $255 and keeps an Overweight rating on the shares. While the company’s Q2 guidance suggests adjusted operating income 4% above Street expectations, the stock will likely come under pressure in the near-term due to the flat quarter-over-quarter revenue profile, the analyst tells investors in a research note. The flat revenue growth is being driven by less U.S. Q2 sales into the channel, which is offsetting robust international growth, says the firm.