Enphase Energy raised at Susquehanna after big drop since December
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Enphase Energy (NASDAQ:ENPH) edges higher Wednesday as Susquehanna Financial upgraded the stock to Positive from Neutral with a $275 price target, saying valuation has become more rational following a nearly 40% decline since December.
"The impact of U.S. installation mix shifting from long-tail to Tier 1 for ENPH is likely to be muted near-term," Susquehanna analyst Biju Perincheril said, adding continued strong growth in Europe could offset some near-term weakness in the U.S.
Enphase's (ENPH) international revenue more than doubled in FY 2022, driven by Europe, where the analyst sees growth in installations remaining strong for the foreseeable future given relatively attractive payback periods.
Also citing the stock's sharp YTD decline and the company's expansion in Europe, Raymond James upgraded Enphase (ENPH) earlier this week.