2024-06-10 07:40:21 ET
Summary
- Enphase Energy continues to struggle in the residential solar market as industry trends remain unfavorable.
- The company's revenue is expected to decline significantly in 2024, deeper than the expected industry contraction.
- ENPH's financial performance was disappointing, with a negative operating income and no clear plan to reduce costs. Valuation analysis suggests the stock is overvalued.
Introduction
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Enphase Energy: Target Price Downgrade Reflects Fundamentals