Analyst Ratings February 4, 2026

Oppenheimer Lifts Enphase Energy Target to $68, Citing Data Center and Storage Opportunities

Analyst keeps Outperform rating after earnings beat, highlights bidirectional charging for 800V data center use

By Derek Hwang ENPH
Oppenheimer Lifts Enphase Energy Target to $68, Citing Data Center and Storage Opportunities
ENPH

Oppenheimer increased its price target on Enphase Energy to $68 from $67 and maintained an Outperform rating, citing recent results, stronger guidance and the company’s bidirectional charging technology that the firm says is compatible with 800V data center applications. The research house pointed to Enphase’s power-management features, a favorable balance-sheet position and the company’s commercial product push as reasons for upside versus the current share price.

Key Points

  • Oppenheimer raised its price target on Enphase Energy to $68 from $67 and maintained an Outperform rating.
  • The firm cited an earnings beat, raised guidance, and bidirectional charging technology suitable for 800V data center applications as catalysts.
  • Enphase’s power-management features and net cash position support Oppenheimer’s view that the company can expand into commercial energy storage and data center markets.

Oppenheimer on Wednesday raised its price objective for Enphase Energy (NASDAQ:ENPH) to $68.00 from $67.00 while keeping an Outperform rating on the stock. The new target implies notable upside from the company’s prevailing share price of $37.28, and InvestingPro data cited in the note indicates Enphase appears undervalued relative to its Fair Value assessment.

The firm pointed to Enphase’s recent quarterly performance and an upward revision to guidance as central drivers behind the update. Oppenheimer also emphasized the company’s statement that its bidirectional charging technology is well-suited for 800V data center deployments - a capability the analyst said could open additional commercial markets.

Across the past twelve months the company posted diluted earnings of $1.29 per share, and analysts tracked in the same note see earnings per share rising to $2.84 by fiscal 2026. Those forward estimates form part of Oppenheimer’s positive view alongside its assessment of Enphase’s product set and balance-sheet flexibility.

Oppenheimer highlighted several aspects of Enphase’s power-management and control systems as differentiators in constrained grid environments. The note specifically called out microgrid functionality, low-voltage ride-through capability, reactive power management and bidirectional power optimization as features that could address stresses on electrical infrastructure.

Supplementary data from InvestingPro, referenced by the research house, points to a net cash position on Enphase’s balance sheet - the company holds more cash than debt - which Oppenheimer views as providing financial flexibility to support technology development and commercial expansion.

The analyst team also framed the company’s market exposure in terms of policy-driven cycles. Oppenheimer said residential end-markets appear to be working through the bottom of policy-related troughs, and that Enphase’s growing portfolio of commercial offerings for energy storage and data center applications positions the company favorably as those markets recover.

Looking ahead, the firm expects Enphase to accelerate product introductions, capture additional market share and deliver performance above consensus expectations.


Recent company results and peer analyst moves

Enphase reported a strong fourth quarter of fiscal 2025, posting earnings per share of $0.71 versus expectations of $0.58. Revenue for the period was $343.3 million, slightly above analysts’ estimates of $341.3 million.

The company raised first-quarter fiscal 2026 revenue guidance to a range of $270 million to $300 million, up from the prior guidance point of $250 million; the note said that adjustment was partly attributable to $35 million in Safe Harbor provisions.

Following those developments, several research firms updated their stances on the stock. RBC Capital upgraded Enphase from Sector Perform to Outperform and lifted its price target to $54.00 from $31.00, citing a recovery in demand. BMO Capital moved the rating from Underperform to Market Perform and raised its target to $41.00 from $31.00 after the improved revenue outlook. TD Cowen adjusted its price target to $40.00 from $35.00 while maintaining a Hold rating.

Together, the company’s quarterly results, upward guidance and multiple analyst rating changes have informed a more constructive near-term outlook among some sell-side firms.


Implications

  • Enphase’s cited compatibility of its bidirectional charging technology with 800V data center infrastructure may expand addressable markets beyond residential solar and storage.
  • Power-management capabilities highlighted by Oppenheimer are positioned to meet demands created by strained electrical grids, potentially benefiting commercial and industrial deployments.
  • Balance-sheet strength provides room to invest in product development and commercial initiatives without immediate leverage concerns.

Risks

  • Residential end-markets are described as working through the bottom of policy-driven troughs, indicating continued policy sensitivity in demand trends - this affects the residential solar and storage sectors.
  • Guidance improvement was noted as partly due to $35 million in Safe Harbor provisions, suggesting some reliance on accounting or contractual mechanisms in near-term revenue assumptions.
  • Upgrades from sell-side firms are tied to a recovery in demand; if demand does not continue to recover, consensus expectations and recent rating changes could be challenged.

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