Enphase Energy Inc

ENPH: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$51.00	Xbp	Hqcgmhmnbj

Enphase: Raising Fair Value Estimate on Margin Expansion Potential From New Products

Brett Castelli

Feb 27, 2024

We raise our fair value estimate for no-moat Enphase Energy to $85 from $75 following discussions with the company. The main driver of our fair value increase is higher gross margin assumptions for the company's microinverters, partially offset by lower gross margin assumptions for storage sales. We continue to have Enphase near the top of our clean energy watchlist but await a more attractive entry point.

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