BUZZ-Enphase Energy falls on downbeat forecast, results

Reuters04-24

** 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 $0.35, below market view of $0.40

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

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

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

** Up to Tuesday's close, stock had fallen 14.1% YTD

(Reporting by Khushi Singh in Bengaluru)

((Khushi.Singh@thomsonreuters.com;))

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