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.
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