Barclays lowered the firm’s price target on Enphase Energy (ENPH) to $58 from $86 and keeps an Overweight rating on the shares as part of a Q1 earnings preview. As equipment comprises a third of capex for a residential installation, Barclays estimates a 10% tariff on solar equipment and a 145% tariff on lithium iron phosphate battery cells from China to increase installation costs by 20c-25c per watt. or 6%, the analyst tells investors in a research note. The firm says Enphase is more exposed to tariffs than SolarEdge (SEDG) due to battery cell origination. Enphase batteries utilize LFP technology, and it imports its lithium cells from China, contends Barclays.
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