In a research report released Wednesday, Needham analyst Edwin Mok reiterated a Hold rating on shares of Enphase Energy Inc (NASDAQ:ENPH), following the news that the microinverter maker is now shipping AC batteries to its customers in Australia and New Zealand. Enphase shares closed flat yesterday at $1.84.
Mok noted, “ENPH announced it has started shipping AC batteries to customers in Australia and New Zealand, noting strong demand from its network of installers. We believe this announcement likely helps assuage some investor doubts on the storage prospects in Australia relative to softer outlooks provided by other suppliers into the region. We believe the strong demand confirmed the differentiation of ENPH’s unique AC battery and we are incrementally more positive on the storage opportunity for ENPH. However, we believe tight liquidity remains a major hurdle for the company given the additional cash burn to fully ramp up the storage business.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Edwin Mok has a yearly average return of 2.8% and a 55% success rate. Mok has a -66.1% average return when recommending ENPH, and is ranked #918 out of 4129 analysts.
Out of the 7 analysts polled by TipRanks, 1 rates Enphase Energy stock a Buy, 5 rate the stock a Hold and 1 recommends to Sell. With a return potential of 3%, the stock’s consensus target price stands at $1.90.