Wells Fargo names Enphase Energy a top pick, says solar stock's growth is 'recession proof'
Investors should load up on shares of Enphase Energy , even if a recession may be on the horizon, Wells Fargo said Wednesday. Analyst Praneeth Satish named the solar inverters maker a top pick, recommending that any weakness in the stock be used as a buying opportunity. The analyst has a price target of $344 per share on Enphase, implying upside of 11.1% from Tuesday's close. He also rates the stock as overweight.
Satish said the company plans to double manufacturing of microinverters, which converts current power from solar panels to energy that can be used elsewhere, in the next year. That is ahead of consensus estimates, he said, and reflects how fast management believes the company can grow. That expansion also has upside potential, as an adjusted model with heightened capacity would lead to a 2024 revenue of $6.7 billion, 67.5% above the consensus estimate of $4 billion.
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