Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$88.00	Yybv	Yrxdjlqdj

Enphase Earnings: Weaker-Than-Expected European Demand Forces Another Reset to Growth Outlook

Brett Castelli

Oct 27, 2023

We lower our fair value estimate for no-moat Enphase Energy to $75 from $120 following the company's third-quarter results. The primary driver of our lower valuation is a reduced long-term revenue forecast, which also results in reduced operating margins. We view shares as fairly valued.

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