Enphase Energy Inc

ENPH: XNAS (USA)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
$66.00RdvcPdyghgbqc

Enphase: Raising Fair Value Estimate on Margin Expansion Potential From New Products

We raise our fair value estimate for no-moat Enphase Energy to $85 from $75 following discussions with the company. The main driver of our fair value increase is higher gross margin assumptions for the company's microinverters, partially offset by lower gross margin assumptions for storage sales. We continue to have Enphase near the top of our clean energy watchlist but await a more attractive entry point.

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