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Enphase Energy Stock Slides Despite Analyst Upgrade

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By Sam Boughedda

Investing.com — Shares of energy technology company Enphase Energy Inc (NASDAQ:ENPH) were unable to sustain an initial move higher Thursday following an upgrade from analysts at investment research firm Guggenheim.

Analyst Joseph Osha upgraded the stock to buy from to neutral with a $213 price target. The analyst said in a research note that even though there are still struggles to come, they have mostly faded.

"Although challenges remain, we believe that concerns regarding high valuations, high consensus expectations and potential negative news that we highlighted in our October 2021 downgrade have largely dissipated," stated Osha.

Enphase shares closed Thursday's session at $143.48, down 3.89%.

The company also announced that installers in Colorado have seen increased deployments of the Enphase Energy System in the state.

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