From Dow Jones & Company:

Shares of Enphase Energy Inc. fell following a downgrade by analyst Sophie Karp at KeyBanc Capital who is “cautious” about the alternative-energy sector. Karp expressed uncertainty about the recovery of demand due to an inventory glut and believes that federal elections in 2024 will pose “the biggest risks” to the solar space. The Invesco Solar exchange-traded fund also fell 9.5% amid a four-day losing streak. Despite Enphase’s valuation not being overstretched, Karp recommended investors to stop buying, and to move to sector weight, given the unfavorable market setup. The stock plunged 50.1% in 2023, following six years of gains and a 26,134% surge.



Read more: Enphase’s stock keeps falling after longtime bull abandons buy call