Flex price target raised to $31 from $28 at BofA

BofA analyst Ruplu Bhattacharya raised the firm’s price target on Flex (FLEX) to $31 from $28 and keeps a Buy rating on the shares. Flex and Enphase Energy (ENPH) have had a 15-year partnership, and Flex is now making microinverters for Enphase at its facility in Columbia, South Carolina, the firm says in a research note on Friday. Flex should continue to benefit from the Inflation Reduction Act, which can help spur demand for clean energy and reshoring manufacturing back to the U.S. Inverters are included in Flex’s core renewables business, which is part of its industrial segment, BofA adds.