Enphase Energy Inc (NASDAQ: ENPH) opened close to 20% up on Tuesday even though it came in shy of Street estimates in its fourth financial quarter.
Why is Enphase Energy stock up today?The energy technology company did not impress in terms of future guidance as well. But the solar stock is keeping resilience because it wasn’t a big enough miss, as per the Wolfe Research analysts.
We see revenues exiting 2024 at a run-rate of ~500M/quarter on 3.1M microinverter shipments with sequential improvements continuing through 2025 and a 4Q25 estimate of ~600M.
$ENPH forecasts its revenue to fall between $260 million and $300 million in its current fiscal quarter. Experts, in comparison, were at $335.78 million.
Click here to read its full release. Enphase Energy stock is now up more than 50% versus its low in November.
Watch here: https://www.youtube.com/embed/s697hvOahH8?feature=oembedOppenheimer sees upside in $ENPH to $133$ENPH is trading up at writing because Oppenheimer analysts raised their rating on the Nasdaq-listed firm to “outperform” following its earnings print as well.
Their $133 price target suggests another 11% upside on top of today’s rally. Oppenheimer experts are convinced the downside is now fully priced into Enphase Energy stock and a “beatable baseline: on sales and margin are being established”.
$ENPH now up nearly 20% on that earnings report, could be bottom in solar stocks forming.. as demand near trough https://t.co/fLgRti8FfZ
— Jason (@3PeaksTrading) February 7, 2024They are bullish on $ENPH also because it is “delivering on product enhancements that drive performance cost reductions”.
James West – an Evercore ISI analyst also increased his price target on the solar stock this morning to $125 a share.
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