JMP Securities analyst Joseph Osha earlier today raised his price target for SolarEdge Technologies (SEDG) to $111 from $90 and reiterated an Outperform rating on the shares. The stock in morning trading is down 7% to $85.69. Comments from competitor Enphase Energy (ENPH) yesterday continue to suggest that both Enphase and SolarEdge are taking share from other "less-capable" incumbents, particularly in the U.S., Osha wrote in a note to investors. The analyst continues to believe that the Street over-focuses on competition between the two companies, while not paying enough attention to the progress both companies are making elsewhere. He believes that both companies' combined shipment volumes for 2020 should be about 10GW, which is anlaysis indicates is less than 25% of the addressable market. Osha sees a "positive bias" to his Q4 revenue estimate for SolarEdge and believes the 2020 consensus estimate is "oddly conservative."

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.

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

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