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Enphase Energy downgraded to neutral at Oppenheimer on uncertainty in solar industry

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Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.

Enphase Energy Inc.

drew a downgrade to perform from outperform by Oppenheimer analyst Colin Rusch , who cited “industry uncertainty.” The solar power micro-converter maker warned it expects fourth-quarter revenue of $300 million to $350 million, well below the latest FactSet consensus estimate of $447.5 million. Rusch said the company missed its third-quarter sales estimate due to weaker demand, while cost reductions are slower than expected.

 

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