RBC Capital Cuts Enphase Energy (ENPH) PT to $28 Amidst Concerns Over Proposed Senate Reconciliation Bill

Enphase Energy Inc. (NASDAQ:ENPH) is one of the best technology stocks according to Wall Street analysts. On June 18, RBC Capital analyst Christopher Dendrinos adjusted the price target on Enphase Energy to $28 from $50, while maintaining a Sector Perform rating on the shares. This revision was primarily a response to the proposed Senate reconciliation bill, which is expected to impact the clean energy sector.

RBC’s analysis assumes that the bill passes with its current Senate-proposed provisions, which would lead to lowered demand and margin assumptions for residential solar companies like Enphase Energy. This is due to expected residential solar lease restrictions and the termination of 25D tax credits. While the Senate’s proposed revisions are seen as more favorable than the House version in some aspects, the restriction on the stacking provision is considered more restrictive by RBC.

A solar panel array stretched across a large open field, its glimmering panels reflecting the sun.

In Q1 2025, the company showed a revenue of $356.1 million, which included $54 million of Safe Harbor revenue. ~1.53 million microinverters and 170.1 megawatt-hours of batteries were shipped in Q1. For Q2, Enphase Energy provided revenue guidance of $340 to $380 million. The company is expanding its product offerings with the launch of the fourth-generation IQ battery and the IQ9 microinverter.

Enphase Energy Inc. (NASDAQ:ENPH) designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry internationally.

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Disclosure: None. This article is originally published at Insider Monkey.