Enphase Energy price target lowered to $77 from $86 at Oppenheimer

Oppenheimer lowered the firm’s price target on Enphase Energy (ENPH) to $77 from $86 on lower estimates, while keeping an Outperform rating on the shares. The firm notes Enphase delivered in-line revenue and upside to margin/EPS as the company continues to manage its supply chain well and sees the benefits of ongoing product design improvements. While Q3 2025 revenue guidance was below expectations, Oppenheimer highlights 220bps gross margin upside at midpoint and the exclusion of any pull-in/safe harbor revenue given pending Treasury guidance, which suggests potential for positive revisions.