Enphase Energy Eyes Europe For Growth, Analyst Turns Bullish On Prospects: 'Continued Runway For Growth'
Portfolio Pulse from Priya Nigam
Enphase Energy Inc (NASDAQ:ENPH) has expanded its distribution partnership with 4blue, a wholesaler of solar and battery systems, eyeing growth in Europe. B. Riley analyst Christopher Southern upgraded the rating for Enphase Energy from Neutral to Buy, while reducing the price target from $247 to $214. International revenues, which account for nearly 35% of the company's total revenues, could double this year as the company is still in the early stages of penetrating multiple key markets.
June 30, 2023 | 2:28 pm
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NEUTRAL IMPACT
Enphase Energy's expansion into Europe and the potential doubling of international revenues could positively impact the company's stock. However, the reduced price target from $247 to $214 by B. Riley might have a negative effect.
The news of Enphase Energy's expansion into Europe and the potential for international revenues to double this year is positive for the company's stock. However, the reduced price target from $247 to $214 by B. Riley might have a negative effect on the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100