Why Enphase Energy Stock Is Rising Today

Enphase Energy ENPH shares are trading higher on Monday after Janney Montgomery Scott upgraded the stock from Neutral to Buy.

What To Know: According to Janney's report, Enphase's average one-year price target is $324.04, with forecasts ranging from $195.94 to $397.95. This represents a significant price appreciation potential of 45.35%.

“We see expectations regarding softness in domestic residential solar markets as 'priced in' at this point, with ENPH trading at a slight discount to its closest competitor - Solaredge Technologies," the report states.

Enphase is expected to generate annual revenues of $3.24 billion, reflecting a significant increase of 60.58%. Additionally, the projected annual earnings per share for the company is $5.41, which represents a substantial increase of 146.78% from current levels.

What Else: On Monday, Enphase announced that installers of Enphase products in Pennsylvania have seen growing deployments of Enphase Energy Systems. 

"We're seeing increased demand from homeowners in Pennsylvania who want a dependable home energy system that will ease the strain of rising energy costs, while also providing utility independence in times of an overtaxed and aging utility infrastructure," said Blake Reedy, owner of Pennsylvania Solar Energy Company.

Enphase Energy is a renewable energy company that specializes in manufacturing and selling solar microinverters and energy storage systems.

See Also: Why Is Kosmos Energy Stock Trading Higher Today?

ENPH Price Action: Enphase has a 52-week high of $339.92 and a 52-week low of $118.57.

Enphase shares are up 6.43% at $211.66 at the time of publication, according to Benzinga Pro.

Photo: Maria Godfrida from Pixabay.