Enphase Energy price target lowered to $92 from $140 at Scotiabank

Scotiabank analyst Tristan Richardson lowered the firm’s price target on Enphase Energy to $92 from $140 and keeps a Sector Perform rating on the shares. The company recorded a slight sales miss in Q3 on weakness in European Union demand, but more severe was a Q4 outlook significantly below estimates, the analyst tells investors in a research note. The firm says lower European demand and continued bottoming in California, driving a significant inventory destocking, will continue well into fiscal 2024. As such, it cut estimates for Enphase “sharply.”