Is Enphase Energy Stock a Buy for 2024?
In recent months, shares of solar equipment company Enphase Energy (NASDAQ: ENPH) have mounted a bit of a comeback after touching multi-year lows. The consumer solar power boom of the last few years has come to an end, but investors are betting that Enphase is gearing up for its next growth spurt sooner rather than later.
In its final quarterly update of 2023, management was quick to comment on its resumption of growth later in 2024. But is the stock really a surefire bet right now?
Much like other parts of the consumer-facing electronics market in the last couple of years, solar power equipment is in a slump. It all started in late 2022 with a post-pandemic downturn in sales of smartphones and PCs. Late in 2023, that weakness spread to bigger, more industrial purchases (cars, including electric vehicles, and solar power systems for homes).
Source Fool.com
