In a report released today, Colin Rusch from Oppenheimer reiterated a Buy rating on Enphase Energy (ENPH), with a price target of $7. The company’s shares closed yesterday at $5.15.
Rusch wrote:
“ENPH posted solid results while continuing to improve GM aided by a $3.3M milestone payment for IQ8. The company indicated that it was capacity constrained due to component shortages which it expects to be alleviated by mid-1Q19. Management indicated that it was fully booked for 4Q18 and was beginning to look at shipments for 1Q19. We are encouraged to see the company continue to migrate sales to IQ7 which is driving GM improvement. The company is still targeting 30% GM/20% operating expense/10% OM as a sustainable model and sees the potential to achieve it in 4Q18. We continue to believe ENPH is positioned for improving operating leverage as it grows revenue and reiterate our Outperform rating and $7 PT.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 9.1% and a 48.9% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Canadian Solar Inc, Fuelcell Energy, and SunPower Corp.
Currently, the analyst consensus on Enphase Energy is a Moderate Buy with an average price target of $7.25, which is a 40.8% upside from current levels. In a report issued on October 29, B.Riley FBR also assigned a Buy rating to the stock with a $7.50 price target.
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The company has a one-year high of $7.60 and a one-year low of $1.56. Currently, Enphase Energy has an average volume of 2.58M.
Based on the recent corporate insider activity of 23 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ENPH in relation to earlier this year. Most recently, in August 2018, Richard Mora, a Director at ENPH bought 60,000 shares for a total of $42,000.
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Enphase Energy, Inc. engages in the design, development, manufacture, and sale of microinverter systems for the solar photovoltaic industry. Its products include IQ 7 Microinverter Series, IQ Battery, IQ Envoy, IQ Microinverter Accessories, IQ Envoy Accessories, and Enlighten and Apps.
