Piper Sandler upgraded shares of Enphase Energy to overweight, saying that the company's U.S. business is not as bad as it has previously feared.
Piper Sandler is optimistic again on Enphase Energy , saying that the company's U.S. business is "not as bad as feared." Analyst Kashy Harrison upgraded the shares to overweight from neutral. His price target of $255 implies shares gaining 22% from Friday's close price. The firm's upgrade comes after it downgraded Enphase shares to neutral in January 2023. The previous downgrade was due to concerns that U.S. residential demand would significantly weaken.
mountain Enphase Energy stock Harrison believes Enphase's earnings margins could reach the 40% range as the company ramps up its production and harvests credits from the Inflation Reduction Act. To be sure, he noted that an unexpected declaration in the company's international expansion is a risk to his optimistic outlook on the stock. Enphase shares have dropped 21.1% in 2023, but have gained more than 9% over the past 12 months. The stock was up 1.7% during premarket trading on Monday.
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