Enphase Energy downgraded ‘back’ to Sell at Guggenheim after Q3 report

As previously reported, Guggenheim downgraded Enphase Energy (ENPH) “back” to Sell from Neutral with a $73 price target following the release of the company’s Q3 report. Enphase’s Q3 results and outlook underscore the company’s competitive strength in the U.S. market, but also its “significant” challenges in Europe, the analyst tells investors. While stating that it is true that Tesla (TSLA) poses a growing threat for the storage-attached segment of Enphase’s business, and this is already showing up in results, the analyst argues that “growing disarray” at SolarEdge (SEDG) and a lack of progress from aspiring entrants like Generac (GNRC) leaves Enphase “plenty of room to operate” in the U.S.