#1 - Enphase Energy (NASDAQ:ENPH)
Enphase Energy (NASDAQ:ENPH) was one solar stock that didn’t need much of a boost. The stock has been outperforming the broader market in 2022. And there are reasons to believe the stock still has room to run.
The company’s products solve one key issue limiting solar power acceptance. That gives customers a reason to buy beyond price. Specifically, Enphase’s microinverter technology converts direct current (DC) power from solar panels to alternating current (AC) power. This allows solar power to be used efficiently in the evening and on cloudy days.
In addition to benefiting consumers, the company’s technology eliminates the possibility of a single-point failure that can take down an entire system. This helps build acceptance with installers and gives the company a massive addressable market.
However, questions remain about the stock’s valuation. ENPH stock is currently trading above the consensus estimate of analysts. But recent price targets suggest there may be more upside.
About Enphase Energy
Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.
Read More - Current Price
- $114.32
- Consensus Rating
- Hold
- Ratings Breakdown
- 16 Buy Ratings, 13 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $133.45 (16.7% Upside)
