Movement Alert|Enphase Energy Rises 5.25% in Regular Trading, Multiple Analyst Upgrades and Tax Credit Sale Plan Sustain Rebound Momentum

Market Focus06-22 23:57

On June 22, Enphase Energy rose 5.25% in regular trading, trading at approximately $54.93/share, with turnover of $120 million. The stock has rebounded over multiple consecutive trading sessions following a prior correction exceeding 10%.

On the news front, multiple investment banks have recently raised their target prices on the company. Jefferies significantly lifted its target from $41 to $64 while maintaining a Buy rating, TD Cowen doubled its target from $35 to $70, and Goldman Sachs raised its target from $51 to $57 with a Buy rating, estimating revenue potential as high as $910 million. Barclays also upgraded the stock from Underperform to Equal Weight. Additionally, the company plans to sell up to $150 million in advanced manufacturing production tax credits generated this year, which is expected to bolster cash flow. Earlier this month, Enphase began U.S. shipments of its GaN-based 548 VA IQ9S commercial microinverter and launched the IQ9N microinverter in Europe, expanding its market footprint.

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