Enphase Energy (ENPH) PT Lowered to $135 at Northland Capital Markets

Northland Capital Markets analyst Gus Richard lowered the price target on Enphase Energy (NASDAQ: ENPH) to $135.00 (from $148.00) while maintaining a Outperform rating.

The analyst comments "ENPH missed Q4 consensus revenues, and non-GAAP earnings were a penny below consensus. Our estimates come down on lower gross margin assumptions due to an increasing mix of storage. Q1 is expected to be the bottom of the cycle, with channel inventory cleared by the end of Q2. We trim our estimates and PT. "

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