In a report released yesterday, Colin Rusch from Oppenheimer maintained a Buy rating on Enphase Energy (NASDAQ: ENPH), with a price target of $7. The company’s shares opened today at $6.10, close to its 52-week high of $6.37.
“As we integrate the anticipated acquisition of SPWR’s microinverter business by ENPH, we believe ENPH now becomes the only volume provider of microinverters while adding an important customer. We also believe ENPH will now be designed into the only Section 201-exempt AC module and highest power 96-cell AC module. We continue to see the introduction of IQ8 as a critical driver of medium- and long- term profitability, but believe ENPH has just de-risked its US residential business in a material manner through what appears to be an accretive transaction. We are raising our PT to $7 (from $6), noting we are taking a more conservative view of the financial impact that ENPH guided to due to the possibility of integration complications delaying revenue ramp with SPWR.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 13.1% and a 49.6% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.
Currently, the analyst consensus on Enphase Energy is Strong Buy and the average price target is $7, representing a 14.8% upside.
In a report issued on June 4, B.Riley FBR also assigned a Buy rating to the stock with a $6 price target.
The company has a one-year high of $6.37 and a one-year low of $0.76. Currently, Enphase Energy has an average volume of 2.19M.
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Enphase Energy, Inc. engages in the design, development, manufacture, and sale of microinverter systems for the solar photovoltaic industry. Its products include IQ 7 Microinverter Series, IQ Battery, IQ Envoy, IQ Microinverter Accessories, IQ Envoy Accessories, and Enlighten and Apps.