Enphase Energy (ENPH)

Jan 14, 2022Trade Ideas

After dropping from about $280 to $143.49, Enphase Energy (ENPH) caught support dating back to March 2021. In addition, the stock has become aggressively oversold on RSI, MACD, and Williams’ %R. With patience, we’d like to see ENPH again challenge $280 again, near-term.

Each time these three indicators have become this oversold, the ENPH stock tends to bounce.

We saw it happen in March 2020, November 2020, May 2021, and in July 2021. With the indicators oversold again, we expect for ENPH to bounce higher again.

Helping, Guggenheim analyst Joseph Osha just upgraded the ENPH stock to a buy rating, with a price target or $213 a share. According to Barron’s, he said, “that concerns regarding potential negative news, high valuations, and consensus expectations that he pointed to in an October research note have largely dissipated, even though challenges remain.”

Analysts at Piper Jaffray also raised their price target on ENPH to $227 from $207. “The analyst favors renewables names that have potential for meaningful positive income revisions through 2023 and/or confidence in its long-term execution,” according to TheFly.com.

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