Enphase Energy earnings, revenue estimates cut at Bank of America (NASDAQ:ENPH)
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Enphase Energy (NASDAQ:ENPH) on Wednesday was rated again as an Underperform by analysts at Bank of America. They also lowered their revenue and earnings estimates for the maker of solar-energy equipment.
“We assume a softer first-half 2024 and look for recovery into second-half 2024,” Julien Dumoulin-Smith, analyst at BofA, said in a November 22 report. “We also assume softening end-market demand in Europe in 2024 versus the 2022 highs; admittedly, normalized European demand level remains a question.
BofA cut its price target for Enphase (ENPH) to $65 a share from $76 a share, based on an enterprise value that’s 16 times 2024 estimated earnings before interest, taxes, depreciation and amortization for 2024, and 13 times ebitda for 2025.
“Enphase (ENPH) remains pressured by macroeconomic, structural and idiosyncratic difficulties, and we flag outstanding uncertainty in future end-market performance,” according to BofA.
| Bank of America estimates for Enphase Energy (ENPH), Nov. 22 | |||
| Revenue (mln) | |||
| New | Old | ||
| 2023E | $2,326.6 | $2,280.9 | |
| 2024E | $1,749.7 | $1,904.3 | |
| 2025E | $2,108.1 | $2,275.7 | |
| EPS | |||
| New | Old | ||
| 2023E | $4.35 | $4.88 | |
| 2024E | $4.07 | $6.41 | |
| 2025E | $5.58 | $7.36 | |
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