Enphase Energy (NASDAQ:ENPH) stock is continuing to rise higher on Monday after an upgrade gave shares a boost.
That increase came about after Raymond James analyst Pavel Molchanov upgraded shares of ENPH stock to an “outperform” rating. Prior to that, the analyst had a “market perform” rating for the stock. To put that in perspective, the analyst consensus rating for ENPH is a “moderate buy” based on 26 opinions.
In addition to the new upgrade, shares of ENPH got a new $225 price target. That represents a 22.5% upside based on Friday’s closing price. However, it’s still below the analyst consensus price target of $303.08 per share.
What’s Behind the ENPH Stock Upgrade?
Here’s what the Raymond James analyst said in a note to clients obtained by CNBC:
“We are turning positive on Enphase for the first time since 2013, i.e., ancient history by solar industry standards […] This upgrade is partly opportunistic and partly thematic.”
As far as trading goes on Monday, some 2.4 million shares are changing hands as of this writing. That’s roughly half the company’s daily average trading volume of about 4.3 million shares. This comes as investors buying shares send the stock 5.1% higher on Monday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.