Enphase Energy upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Kashy Harrison upgraded Enphase Energy to Overweight from Neutral with an unchanged price target of $255. The analyst says Q1 U.S residential solar originations and sales were more favorable than feared, suggesting the U.S. is more likely to decelerate than decline during 2023. Decelerating U.S. coupled with significantly more international momentum than anticipated earlier this year may drive 40% sales growth for Enphase in 2023, the analyst tells investors in a research note. The firm views the company’s Q1 earnings as a "critical update capable of validating" its view that Enphase can deliver attractive earnings growth within the current environment.