Northland lowered the firm’s price target on Enphase Energy (ENPH) to $64 from $90 and keeps an Outperform rating on the shares after the company missed consensus and guided down in Q1. Lower gross margin was the main culprit for the miss, says the analyst, who notes that the tariff impact is expected peak in Q3 of 2025 and be eliminated by Q2 of 2026 as Enphase re-aligns its supply chain. Offsetting some of the tariff impact is “strong execution, new product introduction, and continued geographic diversification,” the analyst tells investors.
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