TD Cowen downgraded Enphase Energy (ENPH) to Hold from Buy with a price target of $45, down from $58. The firm believes the elimination of 25D rooftop solar tax credit at the end of 2025 in the One Big Beautiful Bill will negatively impact U.S. customer-owned residential solar demand, which is currently challenged due to elevated interest rates. As a premium-priced product, Enphase has outsized exposure to the customer-owned segment, the analyst tells investors in a research note.
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