Piper Sandler analyst Kashy Harrison last night downgraded Enphase Energy to Neutral from Overweight with a price target of $255, down from $350. The firm says that while it expected a deceleration in California residential growth in 2023, partially due to higher financing costs adversely impacting regions with marginal economics, it did not anticipate this degree of demand weakness. The analyst sees most of the U.S. residential market "potentially undergoing an activity reset." U.S. residential demand uncertainty is too elevated to keep a buy rating on Enphase, Piper contends.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on ENPH:
- Enphase Energy downgraded to Neutral from Overweight at Piper Sandler
- Enphase Energy downgraded to Mixed from Positive view at OTR Global
- 3 Stocks to Buy Today, 1/24/2023, According to Top Analysts
- Enphase Energy Announces Conference Call to Review Fourth Quarter and Full Year 2022 Financial Results Tuesday, Feb. 7, 2023 at 4:30 p.m. Eastern Time
- Enphase Energy expands IQ8 microinveter deployments in the Netherlands