As previously reported, Jefferies upgraded Enphase Energy (ENPH) to Hold from Underperform with a price target of $36, up from $28. Treasury guidance issued on Friday of last week was positive for residential solar, yet Enphase’s stock is up just about 10%, notes the analyst, who perceives a market disconnect in which the buyside gives little credit for TPO sales, wrongly assuming the majority of sales are tied instead to cash/loan. The firm “strongly” believes the TPO opportunity is underappreciated as investors “hold onto the somewhat stale view” that Enphase has no TPO exposure, the analyst added.
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