On Wednesday, Susquehanna adjusted its stance on Enphase Energy (NASDAQ:) shares, shifting from a Positive to a Neutral rating. The firm also revised its price target to $104.00, a decrease from the previous $147.00. This reassessment comes as the alternative energy sector prepares for third-quarter reports of 2024.
The downgrade reflects concerns about persistent project delays impacting utility-scale solar projects. These delays are expected to continue into 2025, causing further postponements as project cycle times increase. The upcoming elections have also contributed to uncertainty, particularly affecting smaller developers and their project sanctioning timelines.
Residential solar demand has shown only a slight recovery, although there are signs that initial customer interest is picking up as the sector moves into 2025. Susquehanna’s revised model anticipates a decline in residential installations by just over 20%…
