RBC Capital analyst Christopher Dendrinos lowered the firm’s price target on Enphase Energy (ENPH) to $85 from $100 and keeps a Sector Perform rating on the shares. The company’s Q3 results missed expectations on lower volume, while its Q4 outlook was also below consensus on challenging demand dynamics in Europe and lower battery shipments, the analyst tells investors in a research note. Enphase is executing on a number of self-help initiatives but is also battling tough macro conditions in Europe and market disruptions in the U.S., RBC added.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ENPH:
- Snap upgraded, McDonald’s downgraded: Wall Street’s top analyst calls
- Enphase Energy price target lowered to $130 from $140 at Raymond James
- Enphase Energy price target lowered to $114 from $129 at Barclays
- Citi cuts Enphase target, says valuation ‘appears stretched’
- Enphase Energy price target lowered to $123 from $153 at Craig-Hallum