Mizuho downgrades Enphase Energy to 'neutral', cuts PT

Enphase Energy

23/10/2025 15:13

** Brokerage Mizuho downgrades solar inverter maker Enphase Energy ENPH.O to "neutral" from "outperform", cuts price target to $37 from $50

** The new PT represents upside of 2.5% to the stock's last close

** Brokerage expects residential solar demand to drop in 2026 as more customers are choosing leases over buying and the company's new financing model is still unproven

** Brokerage expects Q3 beat due to safe harbor sales, and a Q4 guidance miss vs consensus due to channel inventory slowing ahead of tax credit step down

** 11 of 36 brokerages rate the stock "buy" or higher, 16 "hold" and 9 "sell" or lower, median PT $40 - data complied by LSEG

** Including session's moves, stock down 47.5% YTD

 (Reporting by Varun Sahay)

 ((Varun.sahay@thomsonreuters.com))