Enphase Energy price target lowered to $31 from $33 at RBC Capital

RBC Capital lowered the firm’s price target on Enphase Energy (ENPH) to $31 from $33 and keeps a Sector Perform rating on the shares. The company is facing the challenges of weak international demand and the impacts of section 25D tax credit termination that is driving demand pull-forward, destocking, and safe harbor activity, the analyst tells investors in a research note. The opportunity for Enphase is executing on its product road map and supporting the adoption of a pre-paid lease as well as its loan offering that will allow its long-tail installer base to recapture share, RBC added.