Enphase Energy price target raised to $120 from $111 at Piper Sandler

Piper Sandler raised the firm’s price target on Enphase Energy to $120 from $111 and keeps a Neutral rating on the shares. Much of the firm coverage’s 2024 equity performance has been driven by three factors – election odds, interest rates, power demand — that should continue to drive volatility given events. Piper believes wariness is warranted on the “2H rampers” with no offsetting catalysts. Initial earnings residential solar datapoints have been unconstructive and support our view that the inverter destocking cycle may take longer than implied in the second half of the year expectations, the firm adds. Domestic Content bodes favorably for resi cash forecasts and eventually inverter margins.