Truist upgraded Enphase Energy to Buy from Hold with a price target of $145, up from $85. While the firm anticipates the company’s sales guidance for Q1 could come in below Street estimates, it also believes buy-side estimates for Enphase are meaningfully below consensus. The analyst is incrementally positive on Enphase’s ability to hold its leading margin structure amidst the residential solar downturn following the company’s December 2023 workforce reduction announcement. Truist expects positive market commentary from management could drive a positive share reaction following the Q4 print.
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