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Enphase Energy Inc ENPH

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

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Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Enphase Reports Solid Q2 Results; Lowering Fair Value Estimate to $104 on Higher Operating Expenses

Brett Castelli Equity Analyst

Analyst Note

| Brett Castelli |

We are lowering our fair value estimate for Enphase by $5 per share, to $104, following its second-quarter earnings report. While results were solid, we increase our long-term operating expense forecasts after taking into account recently closed acquisitions, ramping sales, and marketing activity (the company hired a chief marketing officer in early 2021). Our no-moat and stable trend ratings remain unchanged.

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Company Profile

Business Description

Enphase Energy Inc delivers energy management technology for the solar industry. The company designs, develops, manufactures, and sells home energy solutions that connect solar generation, energy storage, and management on one intelligent platform. Its product and service portfolio consists of Enphase Microinverters, Enphase Envoy, Enphase Enlighten, Enphase Energy Services, and Enphase Storage System. Geographically, it derives a majority of revenue from the United States.

Contact
47281 Bayside Parkway
Fremont, CA, 94538
T +1 707 774-7000
Sector Technology
Industry Solar
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 850