Truist lowered the firm’s price target on Enphase Energy to $85 from $135 and keeps a Hold rating on the shares. The firm is citing the company’s “candor” surrounding a preliminary outlook into 2024 and its significantly weaker-than-expected Q4 guide, which demonstrated the rapid pace at which the global macro backdrop for residential solar has deteriorated, the analyst tells investors in a research note. Better visibility is unlikely through at least the year-end, Truist added, also cutting the firm’s FY23 revenue outlook to $2.31B from $2.257B and his FY24 outlook to $1.91B from $2.79B.
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