BUZZ-Enphase Energy falls on downbeat forecast, other solar stocks follow

Reuters04-24

(Updates)

** Shares of solar energy firm Enphase Energy fall 7.9% to $104.49 premarket

** Co forecasts Q2 revenue of $290 mln to $330 mln, below Wall Street view of $337.2 mln - LSEG data

** Reports Q1 rev of $263.3 mln compared to analysts' estimate of $279.8 mln; adj. EPS of 35 cents, below market view of 40 cents

** Rising inventory levels in Europe, metering reform in California and elevated interest rates have dented demand for co's inverters

** 22 brokerages rate ENPH "buy" or higher, 18 "hold" and one "sell"; their median PT is $130

** JP Morgan ("overweight") cuts PT to $128 from $141, says ENPH may be relatively range-bound until there is improved visibility into normalized demand levels in 2024's second half and beyond

** Other solar stocks, including Sunnova Energy , Sunrun and SolarEdge Technologies down between 1.5% and 3.1%

** SunPower Corporation down 1.5% premarket; co in previous session had identified misstatements in results for FY2022, and shares fell over 20% following the news to their lowest per LSEG data going back to 2006

(Reporting by Khushi Singh and Seher Dareen in Bengaluru)

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