2023 was a bad time to be holding Enphase Energy (NASDAQ: ENPH) stock. Shares in the solar energy technology company were cut in half last year. That downtrend continued into 2024. But one analyst firm now thinks the stock has bottomed and sees a recovery underway.

This week RBC Capital began covering Enphase stock with the equivalent of a buy rating and a share price target of $140. That price represents a gain of more than 10% from recent levels. That is on top of a 25% jump Enphase stock has made since it reported quarterly earnings on Feb. 6.

Enphase is a leading supplier of residential solar equipment and software. Its business has been in decline over the past year as higher interest rates globally impacted the ability of consumers to finance solar roof systems. Supply chain snarls also impacted Enphase's business. The company has been working to decrease excess inventory at its partner distributors for months now.

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Source Fool.com