UPDATE: Morgan Stanley Initiates Coverage on Enphase Energy

According to a research report published this morning, Morgan Stanley has initiated Enphase Energy ENPH with an Overweight rating and $11 PT. In the report, Morgan Stanley said, "Low expectations for the solar group, coupled with Enphase's differentiated and fast-growing product, set the stage for outperformance. Enphase is the leading producer of solar microinverters — the first company to successfully commercialize them, and the only company to ship in volume today. It is selling its 3rd generation product, while competitors are working on launching their first products." Enphase Energy closed Friday at $6.75.