Piper Sandler lowered the firm’s price target on Enphase Energy (ENPH) to $65 from $70 and keeps a Neutral rating on the shares. The firm notes expectations were subdued into earnings with most of its recent investor discussions at $310M+/- of Q1 2025 revenues. Enphase’s $360M guidance exceeded expectations. However, the beat was driven by Safe Harbor transactions and was not indicative of improving underlying market demand, Piper adds.
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