-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将ENPH的目标股价下调5美元至35美元，相当于2026年每股收益预期值的17.5倍。鉴于太阳能需求疲软和监管阻力，这一估值低于ENPH五年平均水平（约27倍）。我们将2026年和2027年的每股收益预期分别下调0.31美元至2.00美元和2.40美元。美国太阳能需求持续恶化，预计第一季度和第二季度的销售量将比管理层此前的预期低约15%。我们认为，随着住宅用户转向第三方购买（TPO）模式，监管摩擦正在发挥作用，而且这些阻力在短期内可能会持续存在。然而，我们预计随着房主逐渐接受新的产品和服务，TPO模式将在2027年获得市场认可。与此同时，我们预计欧洲的电池需求将有所改善，目前多个市场的电池激活量已有所回升，而霍尔木兹海峡的关闭加剧了人们对电力系统韧性的担忧。此外，我们认为ENPH专注于数据中心的新平台（IQ SSTs）具有长期增长潜力，尽管市场竞争激烈，但其收入有望在2028年实现。
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