Why Shares of Enphase Energy Are Soaring Higher This Week
The clouds that have been hanging over Enphase Energy (NASDAQ: ENPH) stock seem to have lifted. While shares of the solar stock had plunged more than 7% from the start of the year through the end of trading last week, an analyst's auspicious report on the stock shifted investor sentiment and encouraged a buying spree.
According to data provided by S&P Global Market Intelligence, shares of Enphase Energy had risen 11.4% from the market's closing last Friday through the end of trading yesterday -- an especially noteworthy movement, considering the S 500 had only inched 0.1% higher during that time.
Assigning an outperform rating and a $140 price target, RBC Capital started coverage on Enphase stock this week, and investors clearly took note. RBC Capital analyst Chris Dendrinos predicated the outlook, in part, on the company's "robust competitive moat," according to The Fly. Additionally, the analyst believes that investors will soon be warming up to solar stocks like Enphase.
Source Fool.com
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