Enphase Energy price target lowered to $114 from $129 at Barclays

Barclays lowered the firm’s price target on Enphase Energy (ENPH) to $114 from $129 and keeps an Overweight rating on the shares. The firm says investors are going to be disappointed with the earnings report and guidance as Q3 numbers came in below the midpoint of the outlook and there are lower sequential storage shipments assumed in the Q4 guidance. The analyst believes Europe was the main driver of the downside surprise that weighed down the Q3 results and also is likely the biggest swing in the company’s expectations for Q4. Europe was the downside surprise, which is also a negative read-through for SolarEdge (SEDG), the analyst tells investors in a research note. However, Barclays thinks Enphase’s rollout of a new battery and meter collar should make it more competitive with Tesla’s (TSLA) PW3.