Seaport Research Partners upgraded Enphase to buy from neutral, citing a recovery in the U.S. residential market by next June.
"Get there early to ensure you catch the sunrise" on Enphase Energy , said Seaport Research Partners. The firm upgraded shares to buy from neutral and set a price target of $185, implying a 49.2% rally from where shares closed on Wednesday. "We think as ENPH benefits from ongoing share repurchases; continued robust growth in Europe's residential solar market as it both thrives in existing countries and enters new ones; and, by mid- to late-2Q24, a clear emergent recovery in U.
home rooftop solar demand," said Curran. "The California market will have adjusted to NEM 3.0's economics; [and the] IRA finalization and assimilation will have strengthened the response to that law's 30% ITC incentives for both solar PV systems and standalone energy storage." In addition, "it will have become clear that the FFR has peaked and the FOMC has prepared to imminently pivot to easing for 2H24 into 2025," the analyst said.
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