Enphase Energy (ENPH), a solar energy company, received an upgrade on Monday. The reason for this was that the company's residential sales in the U.S. are better than expected. ENPH stock jumped.
Analyst Kashy Harrison of Piper Sandler upgraded Enphase from neutral to overweight but kept his price target at 255. Today, the ENPH stock closed at 224.92, an increase of 7.7%.
The company is one of the leading providers of solar microinverters. The devices were designed to increase solar production, improve the reliability of solar systems and support smart energy management.
Also, it makes software for monitoring energy production and battery systems. Enphase is primarily focused on the residential market.
Enphase's fourth quarter revenue jumped 76% to $724.7 millions, a record.
Harrison sees the first quarter of the company as "a critical update that can validate" his belief that Enphase will deliver attractive earnings growth in the current environment.
In a report published last week, Deutsche Bank said that ENPH is a good long-term investment with a price target of 280.
Corinne Blanchard is the ENPH stock analyst at Deutsche Bank. She said that the bank was "bullish" on the market position of the company and the growth opportunities it offers in Europe.
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Investor's Business Daily published the article Enphase Jumps on View that Solar Business is Better than Expected.