Enphase Energy rallies at the open after easy Q3 beat, bullish guidance
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Enphase Energy (NASDAQ:ENPH) +8.9% in early trading Wednesday after posting strong Q3 results and analysts believe the company can continue to deliver strong growth and margins.
Enphase (ENPH) plans to open 4-6 manufacturing lines in the U.S. because of the passage of the Inflation Reduction Act, and expects the new lines to open by H2 2023, CEO Badri Kothandaraman said on the company's earnings conference call.
Cowen analyst Jeffrey Osborne raised his stock price target to $335 from $278 while maintaining his Outperform rating, saying implied Q4 growth remains strong, driven by continued gains in Europe as well as strong demand for solar, storage, EV and energy management products, as reported by Bloomberg.
J.P. Morgan's Mark Strouse kept his Overweight rating and hiked his PT to $310 from $289, noting gross margin continues to surprise to the upside and the company's demand comments remain strong despite the macro environment.
Maintaining her Overweight rating and $363 PT, KeyBanc's Sophie Karp said Enphase (ENPH) is "one of the best positioned names in our Alternative Energy coverage given the current backdrop."
A peer comparison suggests that Enphase Energy's (ENPH) current valuations are fair, The Value Pendulum writes in an analysis published recently on Seeking Alpha.