Jun. 18 at 10:17 AM
$ENPH Barclays upgrades Enphase to Equal Weight on data center opportunity
Barclays analyst Christine Cho upgraded Enphase Energy to Equal Weight from Underweight with a price target of
$51, up from
$30. The firm cites the company's "emerging" solid-state transformer data center opportunity for the upgrade. While Enphase continues to face residential solar headwinds in the near-term, the company's solid-state transformer initiative represents a "credible" entry into the evolving data center power stack, the analyst tells investors in a research note. Barclays says the company opened up a
$2B annual total addressable market. Enphase's early traction should support multiple expansion despite limited financial contribution until 2028, contends the firm.
