Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$14.00	Qbhgm	Jydgrlxqm

Enphase Earnings: Channel Inventories Return to Normal on Strong Home Battery Demand

Brett Castelli

Jul 24, 2024

The key takeaway from Enphase's second-quarter results was that channel inventory destocking, which has weighed significantly on results in recent quarters, appears complete. Revenue and gross margin performance and guidance were broadly in line with our thinking, and we made minimal changes to our estimates. Hence, we are maintaining our $85 fair value estimate. Enphase remains near the top of our clean energy watchlist, but we view shares as slightly overvalued.

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