KeyBanc lowered the firm’s price target on Enphase Energy (ENPH) to $311 from $363 and keeps an Overweight rating on the shares. The firm expects residential solar levered names to have a light Q1, as poor weather in key markets such as CA impacts deployments negatively. Nonetheless, KeyBanc also believes that Enphase is likely to deliver a solid quarter toward the top end of its Q1 guidance and produce above-consensus guidance for Q2. The firm is seeing indications of the company taking some market share from SolarEdge (SEDG), and given the relative underperformance year-to-date, it expects the short Enphase long SolarEdge trade to begin to unwind at this point.
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Published first on TheFly
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