Enphase (ENPH) Hits New Record High on Bullish Rating, PT Upgrade

Enphase Energy Inc. (NASDAQ:ENPH) is one of the 10 Stocks With Shocking Overnight Gains.

Enphase Energy notched a new 52-week high on Thursday, as investors resumed buying positions after the company earned a bullish rating and a double-digit price target upgrade from Goldman Sachs.

In intra-day trading, the stock climbed to a fresh record high of $63.27 before trimming gains to end the session just up by 17.29 percent at $62.34 apiece.

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In a market note earlier in the week, Goldman Sachs upgraded its price target for Enphase Energy Inc. (NASDAQ:ENPH) by 11.8 percent to $57 from $51 previously, while maintaining a “buy” recommendation.

The positive coverage came amid the looming July 4 deadline for a federal solar tax credit, under which projects must begin construction and equipment must be safely harbored by the deadline for developers to qualify for a 30-percent incentive. This is expected to boost sales of solar and technology companies on the expectation that customers would scramble to place their orders prior to the deadline to qualify for the incentive.

In other news, Enphase Energy Inc. (NASDAQ:ENPH) on Monday unveiled a new PowerMatch technology for two IQ Battery systems—a 5P and a 10c—which intelligently adjust IQ battery operations to match a home’s real-time power needs.

The 10C variant is available for sale in the US and Puerto Rico, while the 5P is now for sale across North America and select countries in Central America and the Caribbean.

Enphase Energy Inc. (NASDAQ:ENPH) said that the two products would help deliver more usable energy, improved efficiency, and long-term savings for its customers.

While we acknowledge the risk and potential of ENPH as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ENPH and that has 10,000% upside potential, check out our report about the cheapest AI stock.

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