Enphase Energy raised at B. Riley after big YTD drop; Eos Energy downgraded
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Enphase Energy (NASDAQ:ENPH) +3.7% in Friday's trading as B. Riley Securities upgraded.the stock to Buy from Neutral with a $247 price target, raised from $214, after valuation has dropped more than 50% from a December high to "a more digestible level and providing an attractive entry point for long-term investors."
While concerns around the U.S. residential market this year and into 2024 remain a risk, analyst Christopher Souther said he expects ongoing growth in Europe, the Gen III battery launch and continued strong profitable growth will drive Enphase (ENPH) in the near to mid-term term.
Eos Energy Enterprises (NASDAQ:EOSE) -9.9% after Souther downgraded the stock to Neutral from Buy with a $4 price target, noting the stock's surge reflecting potential funding via a Department of Energy loan.
While Souther sees high odds of receiving the loan, he wants to see Eos (EOSE) prove the Z3 ramp will be profitable following the challenges in executing the Gen 2.3 product ramp.
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Stock price return: Down 36.5% YTD, down 14% in the past 12 months