Enphase Energy's Prospects: Analyst Foresees Recovery And Growth Despite Near-Term Market Slowdown
Portfolio Pulse from Lekha Gupta
Mizuho Securities analyst Maheep Mandloi initiated coverage on Enphase Energy Inc (ENPH) with a Buy rating and a price target of $131. Mandloi highlights ENPH's strong U.S. market position, growth in battery storage, and international expansion. Despite near-term market slowdown and expected FY24 revenue decline, the analyst predicts recovery and growth in H2 FY24 and beyond. ENPH's Q3 FY23 earnings missed estimates, and shares are currently trading slightly lower.
November 21, 2023 | 7:45 pm
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Enphase Energy receives a Buy rating and $131 price target from Mizuho Securities, with expectations of growth in battery storage and international expansion despite a near-term slowdown and FY24 revenue decline.
The initiation of coverage by Mizuho Securities with a Buy rating and a price target significantly above the current trading price suggests a positive outlook for ENPH. The analyst's focus on ENPH's technology, market position, and growth opportunities in battery storage and international markets is likely to be viewed favorably by investors. However, the near-term market slowdown and the recent earnings miss may temper short-term gains.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100