Enphase Energy price target raised to $267 from $260 at KeyBanc

KeyBanc raised the firm’s price target on Enphase Energy to $267 from $260 and keeps an Overweight rating on the shares. The firm continues to stick with its call on Enphase as it thinks Enphase remains one of the best-positioned names in the industry due to its dominant market share in its core microinverters business. KeyBanc believes that existing concerns over Enphase’s market positioning are overstated. In its view, the company is poised to maintain and/or gain market share, and its focus on premium products and markets and margin discipline should drive premium valuation. At the current levels, the relative premium to peers is at a multiyear low, which the firm views as an attractive entry point.