Citi lowered the firm’s price target on Enphase Energy (ENPH) to $88 from $99 and keeps a Neutral rating on the shares. The company marginally missed Q3 revenue estimates as under-shipment in Europe started earlier than Citi’s expectation of Q4, the analyst tells investors in a research note. Citi continues to believe forward estimates need to be lower and Enphase’s valuation “appears stretched.” It expects the stock to trade sharply lower due to the guidance miss and investors revisiting growth estimates. Storage market share concerns should drive the narrative as well, Citi adds.
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Read More on ENPH:
- Enphase Energy price target lowered to $123 from $153 at Craig-Hallum
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