Enphase Energy received an upgrade Monday on a view that U.S. residential sales for the solar power company are better than expected. ENPH stock jumped.
Piper Sandler analyst Kashy Harrison upgraded Enphase to a rating of overweight from neutral but maintained his price target of 255. ENPH stock jumped 7.7% to close at 224.92 on the on the stock market today.
The company is a leading provider of solar microinverters. The devices are designed to boost solar production, improve reliability in solar systems and support intelligent energy management.
It also makes software to monitor energy generation and battery systems. Enphase focuses primarily on the residential market.
ENPH Stock And Its 'Critical Update'
For its fourth quarter, Enphase reported a 76% jump in revenue to a record $724.7 million.
Harrison views the company's first quarter as a "critical update capable of validating" his view that Enphase can deliver attractive earnings growth within the current environment.
Last week, Deutsche Bank in a report said ENPH stock is a top long-term buy idea, with a 280 price target.
The bank is "bullish on the company's market positioning with growth opportunities in the European market," said Corinne Blanchard, the ENPH stock analyst for Deutsche Bank.
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