Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$25.00	Bhlc	Fpzlgczkvj

Enphase Earnings: Slowdown in U.S. Rooftop Solar Demand Weighs on Outlook

Brett Castelli

Apr 26, 2023

We lower our fair value estimate for no-moat Enphase to $165 from $180 following first-quarter results. The drivers of our fair value change are a reduction in our volume and gross margin forecast for the company's microinverters. Enphase shares are trading sharply lower (down 20% at the time of writing) as investors adjust to a lower growth outlook driven by U.S. rooftop solar demand weakness. We view shares as fairly valued.

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