Roth MKM analyst Philip Shen lowered the firm’s price target on Enphase Energy (ENPH) to $130 from $140 and keeps a Buy rating on the shares. Heading into the company’s Q3 results, the firm is concerned that the company may be losing market share to Tesla’s (TSLA) Powerwall 3 despite its failure rates and challenged customer service, the analyst tells investors in a research note. The Enphase response in the near-term could be “resignation” until its new battery launch in Q1 of 25, and Roth does not expect the company to reduce pricing, though it continues to view Powerwall 3 as a headwind ahead, the firm added.
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