Susquehanna downgraded Enphase Energy to Neutral from Positive with a price target of $104, down from $147. The firm cites the slower than expected recovery in U.S. residential solar and market share concerns, coupled with the stock’s premium valuation, for the downgrade. Powerwall 3 is seeing strong demand in the storage space, which will take some share from Enphase given Powerwall’s integrated battery/inverter product, the analyst tells investors in a research note. Given that California is moving to a largely battery attached market, Susquehanna expects a larger percentage of solar installs to use these hybrid battery/inverter offerings. Its concern is that the increasing competitive landscape could make it difficult for Enphase to maintain its superior market share.
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