Why Enphase Energy Stock Dropped 5% This Morning
Shares of Enphase Energy (NASDAQ: ENPH) stock crashed more than 5% in very early trading Monday, tried to recover their losses, failed, and are slumping again. As of 10:55 a.m. EDT, Enphase is down 2.1% as Wall Street debates with itself precisely how much Enphase stock is worth.
Early this morning, analysts at Credit Suisse raised their price target on Enphase stock from $60 to $89, reports StreetInsider.com. Without knowing further detail on the target hike, however, investors were left with little reason to react positively to the news -- the more so because CS left its neutral rating on the stock unchanged.
That's the bad news. The good news is that Roth Capital tried to ride to Enphase's rescue, releasing a target price hike a couple of hours later, from $90 to $120. As TheFly.com reports, Roth, which rates Enphase as a buy, is predicting "healthy" earnings when Enphase reports its third-quarter financial results. Moreover, based on strong performance in the U.S. residential solar market, coupled with European expansion, Roth believes that Enphase will guide investors higher in the fourth quarter as well.
Source Fool.com
