Jefferies analyst Julien Dumoulin-Smith downgraded Enphase Energy (ENPH) to Underperform from Hold with a price target of $61, down from $93. The firm sees a difficult setup for the shares, driven by growing uncertainty on residential solar following the election outcome, ongoing pressure from Tesla exacerbated by Enphase maintaining elevated prices, and a market shift favoring value over quality. Enphase’s trading multiples remain above peers in spite of yesterday’s selloff and no longer seem justified as Jefferies lowered estimates on EBITDA growth in the outer years, the analyst tells investors in a research note.
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Read More on ENPH:
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