Enphase Energy Stock Is Charging Higher: What's Going On?

Enphase Energy Inc ENPH shares are trading higher. Raymond James upgraded the stock on Monday. The company also announced an expansion of its microinverter deployments and highlighted strong market trends.

What To Know: Raymond James analyst Pavel Molchanov upgraded Enphase from Market Perform to Outperform and announced a $225 price target, noting that the firm is turning positive on the company for the first time in 10 years. 

The upgrade is partly due to the underperformance of the stock since the start of the year. Enphase shares are down more than 30% year-to-date and have fallen more than 10% over the last week.

The Outperform rating is also being driven by the company's clean tech exposure in Europe.

"Importantly, Europe emerged as Enphase’s leading growth driver in 2022, and we expect even more of that in the years ahead," the Raymond James analyst wrote in a new note to clients.

See Also: Top 5 Energy Stocks That Could Blast Off In March

What Else: Enphase also announced Monday that installers of Enphase products in Virginia have seen growing deployments of the company's energy systems, powered by IQ8 microinverters.

"We are dedicated to innovation, quality, and customer-centered service as we work to unlock a more sustainable future for all," said Dave Ranhoff, chief commercial officer of Enphase Energy.

Enphase said residential solar deployments in Virginia are expected to be up approximately 37% in 2023 compared to 2021. Additionally, residential battery deployments are expected to triple by 2026, according to estimates from the Energy Storage Association and Wood Mackenzie.

ENPH Price Action: Enphase has a 52-week high of $339.92 and a 52-week low of $128.67.

The stock was up 6.16% at $194.96 at the time of writing, according to Benzinga Pro.

Photo: Maria Godfrida from Pixabay.