Why Enphase Energy Stock Is Rising Today

Why Enphase Energy Stock Is Rising Today

Enphase Energy Inc ENPH shares are trading higher following positive analyst coverage in the wake of the company's better-than-expected financial results and strong guidance.

  • Revenue: $530.2 million beat estimate of $504.53 million
  • EPS: $1.07 beat estimate of $0.84

Analyst Assessment: Several analysts raised price targets on the stock on Thursday.

  • Credit Suisse analyst Maheep Mandloi upgraded Enphase from a Neutral rating to Outperform and raised the price target from $174 to $281.
  • Wells Fargo analyst Praneeth Satish maintained Enphase with an Overweight rating and raised the price target from $265 to $313.
  • Goldman Sachs analyst Brian Lee maintained Enphase with a Buy rating and raised the price target from $244 to $290.

Enphase may also be getting a boost after Senator Joe Manchin ;reversed his opposition

Manchin announced late Wednesday that he has reached an agreement with Senate Majority Leader Chuck Schumer to vote on the "Inflation Reduction Act of 2022," according to a statement from Manchin.

See Also: Why Plug Power Stock Is Surging Today

ENPH Price Action: Enphase is making new 52-week highs on Thursday.

The stock was up 7.39% at $273.86 at press time, according to data from Benzinga Pro.

Photo: Bru-nO from Pixabay.

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