2024-06-17 18:06:15 ET
Summary
- Enphase has experienced significant revenue and earnings contraction over the last year largely due to various macroeconomic pressures.
- Solar energy's price per kWh is at record lows, and based on the World Economic Forum's thesis, I consider the technology will become the predominant form of power provision through 2050.
- Enphase is undervalued when considering its recent historical valuation multiples. My price target for 2034 is around $500 per share as a base case.
- Despite my optimism for Enphase and the fact I am a shareholder, current macroeconomic and geopolitical conditions, coupled with the high valuation, warrant caution in allocation strategies.
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Enphase Energy: Still Time To Double Down