What's Going On With Enphase Energy Stock?
Portfolio Pulse from Erica Kollmann
Enphase Energy (NASDAQ:ENPH) shares are trading higher due to cooler-than-expected inflation data and an upgrade from HSBC analyst Daniel Yang. The CPI data showed inflation slowed to 3.3% annually in May, boosting hopes for interest rate cuts and lifting small cap stocks. Enphase Energy was upgraded from Hold to Buy with a $166 price target. Shares are trading above the 50-day moving average, and 13.25% of available shares are being sold short. Analysts have mixed ratings with an average 12-month price target of $128.58.
June 12, 2024 | 3:51 pm
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Enphase Energy shares are trading higher due to cooler-than-expected inflation data and an upgrade from HSBC analyst Daniel Yang. The CPI data showed inflation slowed to 3.3% annually in May, boosting hopes for interest rate cuts and lifting small cap stocks. Enphase Energy was upgraded from Hold to Buy with a $166 price target. Shares are trading above the 50-day moving average, and 13.25% of available shares are being sold short. Analysts have mixed ratings with an average 12-month price target of $128.58.
The combination of cooler-than-expected inflation data and an analyst upgrade from HSBC is likely to have a positive short-term impact on Enphase Energy's stock price. The CPI data boosts market sentiment, particularly for small cap stocks, and the upgrade to Buy with a $166 price target provides additional upward momentum. The stock is also trading above its 50-day moving average, which is a positive technical indicator.
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