After Oppenheimer and H.C. Wainwright gave Enphase Energy (NASDAQ: ENPH) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Carter Driscoll maintained a Buy rating on Enphase Energy yesterday and set a price target of $7.50. The company’s shares opened today at $5.96, close to its 52-week high of $6.54.
Driscoll observed:
“We maintain our bullish view on ENPH’s core business plan as it progresses toward its 30-20-10 plan and synchronizes its product portfolio ramp with SPWR with a focus on AC modules.”
According to TipRanks.com, Driscoll ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -7.9% and a 33.7% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Plug Power, and Aemetis.
Currently, the analyst consensus on Enphase Energy is Strong Buy and the average price target is $7, representing a 17.4% upside.
In a report issued on June 12, Oppenheimer also maintained a Buy rating on the stock with a $7 price target.
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Based on Enphase Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $5.13 million. In comparison, last year the company had a GAAP net loss of $23.31 million.
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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.
