Enphase Energy Will See Another Topline Beat In Q4, Analysts Says

Needham analyst Vikram Bagri maintained Enphase Energy, Inc ENPH with a Buy and raised the price target from $275 to $335.
ENPH delivered a solid top and bottom-line beat.
Revenues exceeded the high-end of the revenue guide for the 4th consecutive quarter on robust microinverter sales, while 4Q guidance exceeded consensus estimates.
Gross margin came in both above consensus and high-end of the guidance causing management to raise the GM outlook.
ENPH plans to launch large-scale microinverter manufacturing in the US to capture IRA benefits.
We think another top-line beat is possible in Q422.
Early indicators for 1Q23 demand are also stacking up well.
Barclays analyst Christine Cho maintained Enphase Energy with an Equal-Weight and raised the price target from $292 to $311.
Top-line and margin beats prove that 40%+ margins are sustainable for the foreseeable future, especially with the continued roll-out of upgraded products.
Goldman Sachs analyst Brian Lee maintained Enphase Energy with a Buy and raised the price target from $328 to $362.
Price Action: ENPH shares traded higher by 11.50% at $296.12 on the last check Wednesday.

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