Goldman Sachs lowered the firm’s price target on Enphase Energy (ENPH) to $121 from $145 and keeps a Buy rating on the shares as part of a broader research note on Solar names. The firm is cutting its 2024 EPS estimate for the the company by 4% on the back of incremental impairment charges in the quarter, though its 2025-2026 EPS estimates increase 2% and 3% to $4.71 and $6.62 respectively, driven by lower SG&A. Goldman adds that it is changing its P/E multiple to 20-times from 25-times due to “lower comps”.
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