Morgan Stanley lowered the firm’s price target on Enphase Energy (ENPH) to $67 from $68 and keeps an Equal Weight rating on the shares. Q4 results beat the firm’s and consensus expectations, while Q1 guidance came in ahead of consensus, but is benefiting from about $50M demand pull-forward for safe harboring, the analyst tells investors. Q2 revenue will also see about a $45M safe harboring benefit and it is unclear whether this safe harbor benefit is a durable trend for the second half of FY25, but the firm views it as “a pull-forward of 2026 demand, regardless,” the analyst added.
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