Citi upgrades Enphase to Neutral on limited downside risk

Citi analyst Vikram Bagri upgraded Enphase Energy (ENPH) to Neutral from Sell with a price target of $37, up from $31. The firm sees limited downside risk in the shares. Additional downside would be driven by continued market share loss for Enphase, which seems unlikely, the analyst tells investors in a research note. The company’s risks are more skewed to the upside at current share levels, Citi contends.