Enphase Energy reiterated Buy at Roth Capital heading into Q4 print
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Enphase Energy (ENPH
+6.9%) is among Friday's top gainers on the S&P 500, rebounding from Thursday's 4.5% drop, as Roth Capital reiterates its Buy rating and $270 price target, seeing current weak levels as a strong entry point ahead of the company's quarterly earnings release.
Roth's Philip Shen says his firm's checks suggest Enphase "may grow faster than market with both its microinverter and storage businesses," with pricing for microinverters remaining stable, and says the company increased pricing on its storage system by 7% last week, effective March 1, indicating more support for margins ahead.
"Based on our checks, we believe the company can outperform on both volume and pricing for storage, suggesting estimates have potential for upside revisions as we get through the year," Shen says.
Despite today's gain, Enphase shares have shed 50% from a mid-November peak and 27% YTD.