Morgan Stanley lowered the firm’s price target on Enphase Energy (ENPH) to $94 from $135 and keeps an Equal Weight rating on the shares. The firm is lowering its Enphase and SolarEdge (SEDG) price targets by 30% and 50%, respectively, to reflect its updated earnings estimates in light of slowing consumer demand and inventory de-stocking. The firm expects both stocks to trade at depressed multiples until consumer demand and earnings visibility improves, the analyst tells investors.
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