12:00 PM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We reiterate our 12-month target price of $130, which is 45.6x our 2024 EPS estimate, a discount to ENPH's three-year average forward P/E of 50.7x, which we think is warranted by industry headwinds, especially lower demand from elevated interest rates. We decrease our 2024 EPS estimate by $0.58 to $2.85 and trim our 2025 EPS forecast by $0.34 to $5.16. ENPH posted Q1 adj. EPS of $0.35 vs. $1.37, $0.04 below consensus; Q1 sales declined 64% Y/Y and missed consensus by 5%. The sequential decline in revenue was 34% in the U.S., as ENPH continued to reduce shipments to manage channel inventory. European revenue rebounded, with a 70% Q/Q increase during Q1, amid improved channel inventory and helped by the introduction of new products. We think Q1 will mark the trough in sales and earnings and the second-half shipments in the U.S. should be strong relative to the first half, but still weak relative to 2022 levels. Lower interest rates should be a positive catalyst for the solar industry later in 2024 and in 2025.