Why Enphase Energy Stock Is Rising Today

Enphase Energy Inc ENPH shares are trading higher following positive analyst coverage in the wake of the company's better-than-expected financial results and strong guidance.

• Revenue: $530.2 million beat estimate of $504.53 million
• EPS: $1.07 beat estimate of $0.84

Analyst Assessment: Several analysts raised price targets on the stock on Thursday.

• Credit Suisse analyst Maheep Mandloi upgraded Enphase from a Neutral rating to Outperform and raised the price target from $174 to $281.
• Wells Fargo analyst Praneeth Satish maintained Enphase with an Overweight rating and raised the price target from $265 to $313.
• Goldman Sachs analyst Brian Lee maintained Enphase with a Buy rating and raised the price target from $244 to $290.

Enphase may also be getting a boost after Senator Joe Manchin ;reversed his opposition

Manchin announced late Wednesday that he has reached an agreement with Senate Majority Leader Chuck Schumer to vote on the "Inflation Reduction Act of 2022," according to a statement from Manchin.

See Also: Why Plug Power Stock Is Surging Today

ENPH Price Action: Enphase is making new 52-week highs on Thursday.

The stock was up 7.39% at $273.86 at press time, according to data from Benzinga Pro.

Photo: Bru-nO from Pixabay.