Enphase Energy price target lowered to $130 from $140 at Raymond James

Raymond James lowered the firm’s price target on Enphase Energy (ENPH) to $130 from $140 and keeps an Outperform rating on the shares. Enphase and SolarEdge (SEDG) dominate module-level electronics for the U.S. residential PV market, but new competitors are working to erode the duopoly, and the competitive landscapes for residential power storage systems and EV charging equipment are more fragmented, the analyst tells investors in a research note. Free cash flow generation supports bolt-on M&A and share buybacks, and helps insulate Enphase from interest rates, but its customer base is more rate-sensitive, the firm says.