- Oppenheimer reaffirmed its Outperform rating for Enphase Energy (NASDAQ: ENPH) but lowered its price target from $56.00 to $55.00.
- Enphase Energy specializes in solar microinverters, home batteries, and energy management products.
- ENPH shares have recently declined 9.6%, underperforming the broader solar industry and the S&P 500.
Oppenheimer maintained its Outperform rating on Enphase Energy (NASDAQ: ENPH) but lowered its price target to $55.00 from $56.00. ENPH was trading at $33.47 at the time of the update. A price target is an analyst’s estimate of where a stock may trade, not a guaranteed return.
Enphase Energy is a solar technology company that makes microinverters, which convert power from solar panels into electricity that homes can use. The company also sells home batteries and energy management products. Enphase competes with other solar equipment makers, including SolarEdge Technologies (NASDAQ: SEDG).
ENPH shares are down 9.6% over the past month, as highlighted by Zacks. That is slightly worse than the 9.3% decline in the Zacks Solar industry, while the Zacks S&P 500 Composite gained 0.6%. Zacks noted that future earnings estimate revisions are worth watching, though its analysis did not provide specific estimate changes or a price target.
ENPH was trading at $33.47, up $0.65, or 1.98%, for the day. Its daily trading range was $33.15 to $34.19, while its 52-week range was $25.78 to $73.74. The company’s market capitalization was about $4.42 billion, with roughly 4.68 million shares traded.
