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Is Enphase stock worth buying on post-earning dip?

By: Invezz
is enphase stock worth buying on post earnings dip

Enphase Energy Inc (NASDAQ: ENPH) has lost about 20% in just over two months but a Guggenheim analyst warns it has room to sink further. 

Enphase stock could tank another 15%

Joseph Osha downgraded the solar stock this morning to “sell” and lowered his price target to $92 which signals another 15% downside. 

He turned dovish on Enphase stock after its management cited weaker demand for solar solutions in the United States and reported disappointing earnings for the first quarter. 

More importantly, the Nasdaq-listed firm expects weakness to persist considering its guidance for the current quarter failed to impress as well. 

Note that $ENPH does not pay a dividend either at writing. 

Watch here: Enphase shares currently overvalued?

Joseph Osha sees Enphase stock as overvalued following its Q1 earnings and muted guidance. His research note reads:

As the process of excess channel inventory draw down proceeds, we think it’s going to become apparent that the market is overvaluing any reasonable recovery scenario for $ENPH business.

It is worth mentioning here that shares of the energy technology company based out of Fremont, California have failed to meaningfully break above their 200-day MA since the start of 2024. 

enphase stock price forecast

Other than Guggenheim, analysts at Jefferies also downgraded Enphase today to “hold”. Their $111 price objective hardly suggests any upside from here. 

The post Is Enphase stock worth buying on post-earning dip? appeared first on Invezz

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