Today's noteworthy initiations include: ECO Environmental (CECE) initiated with a Neutral at Global Hunter... Chimerix (CMRX) initiated with a Buy at Citi... Enphase Energy (ENPH) initiated with an Outperform at Cowen... Keryx (KERX) initiated with a Sell, $1.50 price target at Citi... Kite Pharma (KITE) initiated with a Market Perform at FBR Capital... Medivation (MDVN) initiated with a Neutral at Citi... NN, Inc. (NNBR) initiated with a Market Perform at William Blair... Ophthotech (OPHT) initiated with a Buy at Citi... PayPal (PYPL) initiated with an Underperform at CLSA... Puma Biotechnology (PBYI) initiated with a Buy at Citi... Relmada Therapeutics (RLMDD) initiated with a Market Perform at FBR Capital... Relypsa (RLYP) initiated with a Buy at Citi... SolarEdge (SEDG) initiated with an Outperform at Cowen... Sucampo (SCMP) initiated with a Market Perform at Leerink... Trinity Biotech (TRIB) initiated with an Outperform at Raymond James... Ultragenyx (RARE) initiated with a Sell at Citi... ZS Pharma (ZSPH) initiated with a Buy at Citi.

Northland lowered the firm's price target on Enphase Energy to $125 from $135 and keeps an Outperform rating on the shares. The company missed Q1 consensus revenue and earnings estimates and its 2025 numbers were meaningfully below consensus, the analyst tells investors in a research note. The firm, however, believes Q1 is the bottom of the cycle, with channel inventory cleared by the end of Q2. It expects rising utility rates, $7B in solar grants in the U.S., and growth in residential storage to reignite Enphase's growth.

Jefferies analyst Dushyant Ailani downgraded Enphase Energy to Hold from Buy with a price target of $111, down from $135. The firm expects residential macro headwinds to persist and while it says Enphase management continues to take the right steps in managing under shipment and expanding internationally, delayed interest rate cuts and weaker U.S. demand push out its forecasts for a recovery. The firm, which expects the recovery to be slower than its prior expectations, lowered its FY24 and FY25 EPS forecast to $2.91 and $4.90, which it notes are 3% and 6%, respectively, below consensus.

BMO Capital analyst Ameet Thakkar lowered the firm's price target on Enphase Energy to $113 from $118 and keeps a Market Perform rating on the shares after its Q1 earnings miss and "underwhelming" Q2 revenue guidance. The firm is also less confident in the company's ability to achieve the upper end of what it had described as $450M-500M normalized demand, reducing its FY24 EPS view to $3.28 from $3.71 and its FY25 view to $5.93 from $6.21.

DMG Blockchain Solutions (DMGGF) announced a strategic collaboration with PayPal (PYPL) and Energy Web to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application. DMG, Energy Web, and PayPal are working together to publish a research paper, which we collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions. PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD stablecoin with Paxos Trust Company in August 2023 for efficient transactions.

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Guggenheim analyst Joseph Osha downgraded Enphase Energy to Sell from Neutral with a $92 price target.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSAudioEye (AEYE) up... To see the rest of the story go to thefly.com. See Story Here