Enphase Energy price target lowered to $66 from $69 at BMO Capital

BMO Capital lowered the firm’s price target on Enphase Energy (ENPH) to $66 from $69 and keeps a Market Perform rating on the shares. The company’s guidance topped consensus but was inflated by $50M of “safe harbor revenues”, while the takeaway from the earnings call is that overall demand remains weaker than expected and implies estimates likely need to come down again, the analyst tells investors in a research note.