Enphase Energy Eyes Europe For Growth, Analyst Turns Bullish On Prospects: 'Continued Runway For Growth'

Enphase Energy Inc (NASDAQ: ENPH) announced Wednesday it had expanded its distribution partnership with 4blue, a full-service wholesaler of solar and battery systems.

While concerns persist around growth in the U.S. residential market, Enphase Energy’s “continued runway for growth in European markets” suggests the company will be able to achieve the estimates, according to B. Riley.

The Enphase Energy Analyst: Christopher Southern upgraded the rating for Enphase Energy from Neutral to Buy, while reducing the price target from $247 to $214.

The Enphase Energy Thesis: International revenues climbed by more than 250% in the first quarter and now account for nearly 35% of the company's total revenues, Southern said in the upgrade note.

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International revenues could double this year since the company is “still in the early stages of penetrating multiple key markets,” he added.

The stock has declined by around 50% since its December peak, “which puts the valuation at a more digestible level than seen over the past ~3 years,” the analyst further wrote.

ENPH Price Action: Shares of Enphase Energy had risen by 2.92% to $163.41 Friday morning at publication.

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