Enphase Energy Inc (NASDAQ: ENPH) has lost about 20% in just over two months but a Guggenheim analyst warns it has room to sink further.
Enphase stock could tank another 15%Joseph Osha downgraded the solar stock this morning to “sell” and lowered his price target to $92 which signals another 15% downside.
He turned dovish on Enphase stock after its management cited weaker demand for solar solutions in the United States and reported disappointing earnings for the first quarter.
More importantly, the Nasdaq-listed firm expects weakness to persist considering its guidance for the current quarter failed to impress as well.
Note that $ENPH does not pay a dividend either at writing.
Watch here: https://www.youtube.com/embed/dGNaRZVCsXg?feature=oembedAre Enphase shares currently overvalued?Joseph Osha sees Enphase stock as overvalued following its Q1 earnings and muted guidance. His research note reads:
As the process of excess channel inventory draw down proceeds, we think it’s going to become apparent that the market is overvaluing any reasonable recovery scenario for $ENPH business.
It is worth mentioning here that shares of the energy technology company based out of Fremont, California have failed to meaningfully break above their 200-day MA since the start of 2024.
Other than Guggenheim, analysts at Jefferies also downgraded Enphase today to “hold”. Their $111 price objective hardly suggests any upside from here.
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