Oppenheimer analyst Colin Rusch raised the firm’s price target on Enphase Energy to $328 from $323 and keeps an Outperform rating on the shares. With Enphase beating Q4 expectations and guiding ahead of the Street, the firm believes bearish investors will focus on slower battery sales in Q1 2023 and risk to the CA demand post NEM 3.0, but notes both set Enphase up for accelerating growth through 2023. Oppenheimer continues to see U.S. residential solar demand as more resilient than feared and believes Enphase is making sound changes to its battery and commercial rooftop products while being poised to enjoy 500-800bps-plus margin improvement from U.S. manufacturing credits.
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