Enphase Energy (NASDAQ:ENPH) stock is getting a boost on Monday as Piper Sandler analyst Kashy Harrison weighs in on the solar energy company’s stock.
The good news for ENPH stock starts with an upgrade. This boosts shares up from a “neutral” rating to an “overweight” rating. For comparison, the analysts’ consensus rating is “moderate buy.” That’s based on 28 analysts’ opinions.
Investors will also keep in mind the Piper Sandler analysts’ price target of $255 per share for ENPH stock. That’s a potential 22.1% upside for the stock, even if it’s below the analysts’ consensus of $296.86 per share.
What’s Behind The Bullish ENPH Stock Rating?
Here’s what Harrison said in a note to clients obtained by CNBC:
“In our view, decelerating US coupled with significantly more international momentum than we anticipated earlier this year may drive ~40% top-line growth in ’23. And given the combination of a rising higher margin IQ8 mix, a less challenging operating environment, and manufacturing credits (assuming similar accounting treatment as FSLR), we believe EBITDA margins could approach the mid-30′s during ’23 (vs. 31% in ’22).”
Investors are excited about this prospect with shares of ENPH stock seeing strong trading today. That has more than 3 million shares on the move as of this writing. This is closing in on the company’s daily average trading volume of about 4.1 million shares.
ENPH stock is up 9% as of Monday morning.
There’s even more stock market news worth reading about below!
InvestorPlace has all of the latest stock market coverage traders need for Monday! Among that is what has shares of Netflix (NASDAQ:NFLX), Presto Automation (NASDAQ:PRST), and Moderna (NASDAQ:MRNA) stock moving today. You can find all of that at the following links!
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On the date of publication, William White did not have (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.
