Oppenheimer upgraded Enphase Energy to Outperform from Perform with a $133 price target. With the company guiding well below consensus and shares trading substantially higher, the debate on shares will now focus on lingering channel inventory overhang, underlying demand levels, and the competitive landscape, the analyst tells investors in a research note. The firm reduced estimates post the Q4 report but believes a “beatable baseline: on sales and margin are being established and Enphase is delivering on product enhancements that drive system level performance and cost reductions. Oppenheimer expects ongoing volatility in shares but upgraded the name as it believes downside scenarios will now be fully built into expectations.
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