Enphase upgraded to Positive on recent pullback at Susquehanna

Susquehanna upgraded Enphase Energy to Positive from Neutral with a $275 price target. The setup for Enphase has become much more attractive since Susquehanna downgraded the stock to Neutral in mid-December, the analyst tells investors in a research note. Following an almost 40% decline in share price since early December, the stock’s valuation has become more rational, especially when considering Enphase’s longer-term growth potential, says the firm. It thinks the impact of U.S. installation mix shifting "from long-tail to Tier 1" for Enphase is likely to be "muted" near-term. Meanwhile, Susquehanna expects continued strong growth in Europe, which it says could offset some of the near-term weakness in the U.S.