Keep an eye on Enphase Energy (ENPH).
After plummeting from about $340 to $180, the stock appears to be bottoming out. In fact, if it can hold support dating back to mid-2022, it could push higher, near-term. Helping, Raymond James analyst Pavel Molchanov just upgraded the ENPH stock to a buy with a $225 target. The analyst also believes about 25% of sales could come from Europe in 2023, up from 19% in 2022.
“We are turning positive on Enphase for the first time since 2013, i.e., ancient history by solar industry standards,” wrote Molchanov, as quoted by Barron’s. “Amid the broader market’s risk-off trade, we are trying to catch a proverbial falling knife.”