Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$13.00	Hxh	Hvrtktxz

Enphase Earnings: Focus Shifts to Revenue Recovery as Inventory Destocking Nears Its End

Brett Castelli

Apr 24, 2024

We are maintaining our $85 fair value estimate for no-moat Enphase following first-quarter results. We are lowering near-term revenue estimates, but this is offset by higher gross margin assumptions on new products. Enphase continues to be near the top of our clean energy watchlist, but we await a more attractive entry point.

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