Enphase Energy cut at Truist on U.S. residential recovery uncertainty By Investing.com

Gold Sells Off After Hitting All-Time High: Can Bulls Mount New Charge Higher?

Enphase Energy cut at Truist on U.S. residential recovery uncertainty

Published Sep 12, 2023 16:02

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Enphase Energy (NASDAQ:ENPH) was cut to Hold from buy with a price target of $135, lowered from $210, at Truist on Tuesday.

Truist analysts told investors in a note that the firm sees incremental risk around a near-term U.S. residential recovery due to rate/spending headwinds. As a result of the firm's updated outlook and the resetting of group valuations, they have downgraded ENPH.

"Following a 2Q earnings season that at a high level amounted to incrementally weaker views on the outlook for U.S. resi solar, along with reiterated bullish commentary from utility-scale weighted suppliers, we've seen a reset in the valuation dynamics of the group with utility-scale peers coming to trade at a premium to resi supplier counterparts," they explained.

"While we recognize the higher margins associated with the resi supplier group (ENPH, SEDG), we believe this recent dynamic will remain through the coming quarters given the uncertain timing of a recovery in U.S. resi solar coupled with continued margin & growth tailwinds for utility-scale particularly into 2024."

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