Weakness in Enphase Energy (ENPH) is attractive.
After slipping from about $140 to $95.21, the stock has just started to bounce back. Last trading at $116.17, I’d like to see an initial retest of $140 near term. That could easily happen if the Federal Reserve does cut interest rates in September, as hoped. Helping, analysts at JPMorgan just raised their price target on ENPH to $130, with an overweight rating.
Also, Mizuho Securities reiterated a buy rating on the stock “due to ENPH’s position as market leader with strong pricing power, resilient margins, and growth opportunity tied to solar-storage penetration,” as quoted by Barron’s. The firm has a price target of $147.