Enphase Energy (NASDAQ:ENPH) stock was sliding lower on Tuesday after the solar power company’s shares were downgraded by Truist Securities analysts.
That downgrade has Truist analysts dropping shares of ENPH stock from a “buy” rating to a “hold” rating. To put that in perspective, the analyst consensus rating for ENPH stock is a moderate buy based on 27 opinions.
To go along with this downgrade, analysts at the firm also decreased their price target from $210 per share to $135 per share. That still represents a potential 10% upside over the next year. However, it’s well below the analyst consensus price prediction of $236.55 per share.
Why the ENPH Stock Downgrade?
According to the Truist Securities analysts, the downgrade for ENPH stock comes alongside concerns about the solar energy sector. That includes the near-term risks that are facing the U.S. retail section of this business.
ENPH stock was initially down in early morning trading alongside this downgrade. However, the company’s stock has since recovered and is now up slightly. Stock movement today has some 1.2 million shares changing hands, as compared to a daily average of 3.8 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
