Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$81.00	Grn	Nrkdrbkls

Enphase Reports Strong Results Yet Again, but Slowdown in U.S. Demand Bears Watching

Brett Castelli

Feb 8, 2023

We trim our fair value estimate for Enphase to $180 from $190 following fourth-quarter results. The primary driver of the change is accounting for a slowdown in U.S. rooftop solar demand. We continue to like Enphase’s position within home energy management but see shares as overvalued given its premium valuation.

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