Enphase Energy falls on downbeat forecast, other solar stocks follow
24/04/2024 10:52
(Updates)
** Shares of solar energy firm Enphase Energy ENPH.O fall
7.9% to $104.49 premarket
** Co forecasts Q2 revenue of $290 mln to $330 mln, below
Wall Street view of $337.2 mln - LSEG data
** Reports Q1 rev of $263.3 mln compared to analysts'
estimate of $279.8 mln; adj. EPS of 35 cents, below market view
of 40 cents
** Rising inventory levels in Europe, metering reform in
California and elevated interest rates have dented demand for
co's inverters
** 22 brokerages rate ENPH "buy" or higher, 18 "hold" and
one "sell"; their median PT is $130
** JP Morgan ("overweight") cuts PT to $128 from $141, says
ENPH may be relatively range-bound until there is improved
visibility into normalized demand levels in 2024's second half
and beyond
** Other solar stocks, including Sunnova Energy NOVA.N ,
Sunrun RUN.O and SolarEdge Technologies SEDG.O down between
1.5% and 3.1%
** SunPower Corporation SPWR.O down 1.5% premarket; co in
previous session had identified misstatements in results for
FY2022, and shares fell over 20% following the news to their
lowest per LSEG data going back to 2006
(Reporting by Khushi Singh and Seher Dareen in Bengaluru)