Roth Capital Reaffirms Buy On Enphase Energy Shares, Sees 37% Upside For The Stock
In a research report published Wednesday, Roth Capital analyst Philip Shen reaffirmed a Buy rating on Enphase Energy Inc (NASDAQ:ENPH) with a price target of $20.00, which represents a potential upside of 367% from where the stock is currently trading.
Shen observed, “ENPH posted a modest Q3 beat and provided better-than-expected Q4 revenue guidance. The stock, however, may be weak given the downside pressure on ASPs and higher-than-expected opex ahead. In spite of the near- term weakness, we continue to like the ENPH story over the longer-term given the company’s technology leadership, market position, and pipeline of innovation. As a result, we reiterate our Buy and would accumulate shares opportunistically.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Philip Shen has a total average return of -2.0% and a 34.8% success rate. Shen has a 60.6% average return when recommending ENPH, and is ranked #2879 out of 3362 analysts.