Enphase Energy Downgraded to Hold, Price Target Cut to $45

• Stock Reaction: ENPH fell 3%
• New Rating: Hold (from Buy)
• Price Target: $45 (cut from $58)
• Concerns:
  • Weak U.S. residential solar demand
  • 2025 federal solar tax credit phaseout
  • High interest rates slowing installations
  • Premium pricing adds risk in softer market

TD Cowen’s lowered valuation reflects a more cautious view, pegging the target at 14x estimated 2026 EBITDA.