Analysts Boost Price Target On This Energy Technology Company After Solid Q3 Results – Yahoo Finance

  • Analysts bumped up their price targets on Enphase Energy Inc (NASDAQ: ENPH) following Q3 beat and Q4 outlook above consensus.

  • BMO Capital analyst Ameet Thakkar increased the PT to $220 from $200, implying a 2% upside, and reiterated an Outperform.

  • The earnings call also went a “long way” to assuage investor concerns on the company’s ability to manage supply chain issues, featuring a better than expected outlook for Q4 revenue and energy storage shipment growth of 50% from Q2, Thakkar notes.

  • Barclays analyst Moses Sutton raised the PT to $273 from $213, indicating a 26% upside, and maintained an Overweight.

  • With chip shortage concerns “solved for now,” Enphase is “now unfettered and likely returns to being investors’ blank canvas for modeling a leading TAM-conquering solar/storage play,” Sutton notes.

  • Citi analyst J.B. Lowe raised the PT to $231 from $214, indicating a 7% upside, and affirmed a Buy.

  • With its solid Q3 results, Enphase has now strung together 18 straight quarters of meeting or exceeding its revenue and gross margin guidance, Lowe notes.

  • KeyBanc analyst Sophie Karp raised the PT to $216 from $179 and maintained an Overweight.

  • The analyst notes Enphase reported “strong” Q3 results ahead of her and consensus estimates on most metrics.

  • The company also discussed its new generation product offering and addressed lingering fears of supply chain disruptions, which it sees as manageable and abating, Karp contends.

  • The analyst believes the “strong showing” should support the shares and reinforce her constructive stance on Enphase.

  • JPMorgan analyst Mark Strouse raised the PT to $247 from $238, indicating a 14% upside, and reiterated an Overweight.

  • The company reported Q3 results and issued Q4 guidance above expectations as company-specific supply chain headwinds continue to ease as additional suppliers ramp, Strouse notes.

  • He believes the results are a positive read-through for demand in the residential solar market.

  • B. Riley analyst Christopher Souther raised the PT to $180 from $157 and affirmed a Neutral.

  • Souther notes that record revenue and solid profitability in Q3 were driven by continued increased demand across segments met by successful navigation of supply-side challenges. He remains Neutral due to valuation.

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