RBC Capital analyst Christopher Dendrinos lowered the firm’s price target on Enphase Energy (ENPH) to $85 from $100 and keeps a Sector Perform rating on the shares. The company’s Q3 results missed expectations on lower volume, while its Q4 outlook was also below consensus on challenging demand dynamics in Europe and lower battery shipments, the analyst tells investors in a research note. Enphase is executing on a number of self-help initiatives but is also battling tough macro conditions in Europe and market disruptions in the U.S., RBC added.
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