Raymond James positive on Enphase Energy's expanding European angle By Investing.com

Britannia’s Stock Skyrockets to New High Amid Market Gains and Strong Earnings

Raymond James positive on Enphase Energy's expanding European angle

Published Mar 20, 2023 12:22

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By Sam Boughedda

Enphase Energy (NASDAQ:ENPH) was lifted to Outperform with a $225 price target by Raymond James analysts on Monday.

Raymond James has turned positive on Enphase for the first time since 2013, with the analysts stating that the firm is a fan of the expanding European angle.

"This upgrade is partly opportunistic and partly thematic," wrote the analysts. "Amid the broader market's risk-off trade, we are trying to catch a proverbial falling knife. Enphase shares are down 31% year-to-date, as compared to the ECO index's decline of 5%, having erased all of their peer-leading gain from 2022."

The upgrade also reflects Raymond James' long-standing preference for cleantech companies with a European overweight, and they believe Europe emerged as Enphase's leading growth driver in 2022 and "expect even more of that in the years ahead."

The stock is "no longer priced for perfection," says the analysts. "While this trade remains more crowded than most other clean tech story stocks — such is the reality of being one of only a handful of clean tech names in the S&P — multiples are finally within reason," they added.

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