Enphase Energy (NASDAQ:ENPH) on Friday was downgraded to Neutral from Buy at Guggenheim Partners after strong gains for the solar company. Enphase rose 55% in three months, contrasting with a 3% decline for the S&P 500 Stock Index, limiting the possibility for similar gains, the investment bank said.
“Enphase is one of the best managed and quickly growing companies that we cover, and our updated stance does not reflect a negative assessment of the quality of Enphase’s business,” Joseph Osha, analyst at Guggenheim, said in a research note. “That said, we see a company that appears fairly valued even considering the company’s growth prospects.”
Enphase on Friday slipped 3.7% to close at $305.70 a share.
Its stock in July surged to new highs after the company reported Q2 adjusted earnings had nearly doubled from a year earlier to $0.54 a share. Quarterly revenue jumped 68% from the prior year to a company record of $530.2 million.
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