Enphase Energy (ENPH) Seriously Undervalued, Needham & Company Says

Needham & Company analyst Y. Edwin Mok reiterated a Strong Buy rating and $20 price target on Enphase Energy (NASDAQ: ENPH) saying the stock looks undervalued.

Mok commented, "We believe ENPH stock has been under pressure recently due to: 1) continued concerns over its share at the largest customer VSLR [N/R]; 2) lack of a near-term catalyst; and 3) some pull-backs of the overall solar sector. Clearly, the market share decline at its largest customer VSLR will limit topline growth, but we believe the bear thesis is overly focused on just one customer and underappreciates other growth drivers ahead. With the stock trading at a CY15 EV/S of <1x, we believe the stock is pricing in downside to Street's estimates. Reiterate our Strong Buy."

For an analyst ratings summary and ratings history on Enphase Energy click here. For more ratings news on Enphase Energy click here.

Shares of Enphase Energy closed at $9.09 yesterday.

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