Analysts bumped up their price targets on Enphase Energy Inc (NASDAQ: ENPH) following Q3 beat and Q4 outlook above consensus.
BMO Capital analyst Ameet Thakkar increased the PT to $220 from $200, implying a 2% upside, and reiterated an Outperform.
The earnings call also went a “long way” to assuage investor concerns on the company’s ability to manage supply chain issues, featuring a better than expected outlook for Q4 revenue and energy storage shipment growth of 50% from Q2, Thakkar notes.
Barclays analyst Moses Sutton raised the PT to $273 from $213, indicating a 26% upside, and maintained an Overweight.
With chip shortage concerns “solved for now,” Enphase is “now unfettered and likely returns to being investors’ blank canvas for modeling a leading TAM-conquering solar/storage play,” Sutton notes.
Citi analyst J.B. Lowe raised the PT to $231 from $214, indicating a 7% upside, and affirmed a Buy.
With its solid Q3 results, Enphase has now strung together 18 straight quarters of meeting or exceeding its revenue and gross margin guidance, Lowe notes.
KeyBanc analyst Sophie Karp raised the PT to $216 from $179 and maintained an Overweight.
The analyst notes Enphase reported “strong” Q3 results ahead of her and consensus estimates on most metrics.
The company also discussed its new generation product offering and addressed lingering fears of supply chain disruptions, which it sees as manageable and abating, Karp contends.
The analyst believes the “strong showing” should support the shares and reinforce her constructive stance on Enphase.
JPMorgan analyst Mark Strouse raised the PT to $247 from $238, indicating a 14% upside, and reiterated an Overweight.
The company reported Q3 results and issued Q4 guidance above expectations as company-specific supply chain headwinds continue to ease as additional suppliers ramp, Strouse notes.
He believes the results are a positive read-through for demand in the residential solar market.
B. Riley analyst Christopher Souther raised the PT to $180 from $157 and affirmed a Neutral.
Souther notes that record revenue and solid profitability in Q3 were driven by continued increased demand across segments met by successful navigation of supply-side challenges. He remains Neutral due to valuation.