In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Enphase Energy (ENPH), with a price target of $9. The company’s shares opened today at $6.99, close to its 52-week high of $7.60.
Dayal noted:
“We believe that the key near-term drivers for the company’s growth are the deployment of the IQ7 series and the completion and integration of SunPower’s (SPWR; not rated) microinverter business. The IQ8 microinverters, based on the company’s grid-agnostic Ensemble technology should provide significant upside to the story in the mid to long term. We expect the company’s topline to grow from $310.5M in 2018 to $708.0M in 2025, growing at a seven-year CAGR of 12.5%.”
According to TipRanks.com, Dayal is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -10.4% and a 37.9% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Capstone Turbine Corp, and UQM Technologies Inc.
Enphase Energy has an analyst consensus of Strong Buy, with a price target consensus of $7.56.
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The company has a one-year high of $7.60 and a one-year low of $1.95. Currently, Enphase Energy has an average volume of 1.68M.
Based on the recent corporate insider activity of 26 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.
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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.
