-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們將ENPH的目標股價下調5美元至35美元，相當於2026年每股盈餘預期值的17.5倍。鑑於太陽能需求疲軟和監管阻力，此估值低於ENPH五年平均值（約27倍）。我們將2026年和2027年的每股盈餘預期分別下調0.31美元至2.00美元和2.40美元。美國太陽能需求持續惡化，預計第一季和第二季的銷售量將比管理層先前的預期低約15%。我們認為，隨著住宅用戶轉向第三方購買（TPO）模式，監管摩擦正在發揮作用，而這些阻力在短期內可能會持續存在。然而，我們預計隨著房主逐漸接受新的產品和服務，TPO模式將在2027年獲得市場認可。同時，我們預期歐洲的電池需求將有所改善，目前多個市場的電池活化量已回升，而霍爾木茲海峽的關閉加劇了人們對電力系統韌性的擔憂。此外，我們認為ENPH專注於資料中心的新平台（IQ SSTs）具有長期成長潛力，儘管市場競爭激烈，但其收入預計將在2028年實現。
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Research Alert: Eg Posts Mixed Q1 Results Amid Restructuring
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