Wells Fargo Is Warming Up to Enphase Energy (ENPH) Stock


  • Enphase Energy (ENPH) stock is on the move Monday after getting an upgrade from Wells Fargo.
  • Analyst Praneeth Satish upgraded the shares to an “overweight” rating.
  • This also comes with an increased price target of $141 per share for ENPH stock.
ENPH Stock - Wells Fargo Is Warming Up to Enphase Energy (ENPH) Stock

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Enphase Energy (NASDAQ:ENPH) stock is rising on Monday after Wells Fargo analyst Praneeth Satish offered new coverage of the home management solar power company’s shares.

That sees the Wells Fargo analyst upgrade shares of ENPH stock from an “equal weight” rating to an “overweight” rating. To put that in perspective, the analyst consensus rating for ENPH shares is a hold based on 29 opinions.

To go along with that upgrade, Satish also increased the firm’s price target for ENPH stock from $98 per share to $141 per share. That represents a 22.2% premium over the stock’s closing price on Friday. However, it still lags behind the analyst consensus price prediction of $169.77 per share.

How This Bull Stance Affects ENPH Stock

Investors appear happy with the extra positive attention that ENPH stock is getting from Wells Fargo today. That saw the company’s shares rise higher in pre-market trading. As a result, shares of ENPH are up slightly shortly after markets opened on Monday morning.

That increase comes as some 452,000 shares of ENPH stock have changed hands. This is still a ways off from the company’s daily average trading volume of about 5.6 million shares.

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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.

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