Enphase, SolarEdge +6% after Piper's bullish call
Dec. 11, 2020 3:38 PM ETEnphase Energy, Inc. (ENPH), SEDG, FSLRFSLR, ENPH, SEDGBy: Carl Surran, SA News Editor40 Comments
- Enphase Energy (ENPH +6%) and SolarEdge Technologies (SEDG +6.7%) sizzle as Piper Sandler joins the bullish bandwagon, believing the companies are set to gain as global solar adoption is fueled by widespread public support and incentives.
- Piper's Kashy Harrison initiates coverage of Enphase with an Overweight rating and a Street-high $150 price target, while SolarEdge also wins an Overweight rating and a $325 target.
- Enphase has "potential for momentum" despite the stock's run-up, driven by market share gains in the U.S. residential market and its entry into the small commercial market.
- SolarEdge has enjoyed strong revenue and free cash flow growth by branching out via acquisitions in businesses in e-mobility, storage and uninterruptible power supply, Harrison says.
- Meanwhile, Piper rates First Solar (FSLR +0.0%) at Neutral with a $92 price target, citing tariff uncertainty and less growth potential.
- Earlier this week, J.P. Morgan analysts hiked their price target on Enphase by nearly 50% to $146 from $99.
- Solar shares, particularly ENPH, have posted spectacular rallies over the past year:
