TD Cowen lowered the firm’s price target on Enphase Energy (ENPH) to $35 from $40 and keeps a Hold rating on the shares. The firm said Enphase overshipped in 1Q26 due to weak U.S. resi demand and will undership in 2Q26 to correct. 1Q sell-through and 2Q expected sell-through are 10%-15 below management’s prior expectations due to tax equity challenges and 25D expiration.
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