Enphase Energy Inc
ENPH: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$16.00 | Zbpv | Vdnyvwtvz |
Enphase Earnings: Slowdown in U.S. Rooftop Solar Demand Weighs on Outlook
We lower our fair value estimate for no-moat Enphase to $165 from $180 following first-quarter results. The drivers of our fair value change are a reduction in our volume and gross margin forecast for the company's microinverters. Enphase shares are trading sharply lower (down 20% at the time of writing) as investors adjust to a lower growth outlook driven by U.S. rooftop solar demand weakness. We view shares as fairly valued.