Enphase Energy price target lowered to $315 from $323 at Craig-Hallum

Craig-Hallum analyst Eric Stine lowered the firm’s price target on Enphase Energy to $315 from $323 and keeps a Buy rating on the shares. The firm notes Enphase reported a beat across the board in Q4 and guided Q1 2023 above the Street, with it fully booked and Europe a primary driver. While the Q1 guide does call for revenues down modestly quarter-over-quarter at the midpoint, Craig-Hallum thinks that Enphase’s plan to more than double its capacity by the end of 2023 shows the true growth path and outlook, and with the majority of this expansion in the U.S., it also means substantial incremental EBITDA from the 45-times Advanced Manufacturing Tax Credit.