price target raised to $159 from $113 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Enphase Energy to $159 from $113 and keeps a Buy rating on the shares. Enphase Energy’s Q4 capped an eventful and challenging 2023 with the negative impact of higher interest rates, regulatory changes, and high channel inventory intensifying throughout the year, the firm says. These challenges were reflected in Q4 results within the guided range but below Street expectations and Q1 guided lower, Craig-Hallum adds. With all of that said, the firm believes Enphase’s outlook is starting to brighten.