Enphase Energy price target lowered to $85 from $105 at Piper Sandler

Piper Sandler lowered the firm’s price target on Enphase Energy (ENPH) to $85 from $105 and keeps a Neutral rating on the shares. The firm notes that while expectations were low entering earnings, the company’s update was disappointing, and Piper expects a substantial pullback on reset expectations. European demand is dismal, Q4 revenue guidance was 12% beneath consensus and implies $1.52B annualized vs. Street 2025 at $1.99B, the firm adds. With the dream potentially dead nearer-term, Piper believes the Street can hit the reset button on 2025 thereby leading to more conservative estimates that can go up over time when market demand eventually recovers.