Enphase Energy, Inc. (ENPH), valued at a market cap of $8.4 billion, is a Fremont, California-based leader in renewable energy technology. The company specializes in smart home energy solutions, offering microinverters, storage systems, and software designed to optimize energy management for residential solar power systems.

Shares of ENPH have fallen behind the broader market over the past 52 weeks. ENPH has dropped 37.2% over this time frame, while the broader S&P 500 Index ($SPX) has gained 20.9%. In 2025, ENPH stock declined 7%, compared to SPX's 1.9% YTD gain.

Narrowing the focus, ENPH stock has also underperformed the Technology Select Sector SPDR Fund's (XLK) 12.6% rise over the past 52 weeks.

Enphase Energy has struggled to keep up with the broader market over the past year due to softening demand, increased competition, and operational restructuring, including a planned 17% workforce reduction. While new product launches are underway, they are expected to have a limited near-term impact on the company's performance.

However, on Jan. 30, shares of Enphase Energy popped 1.9% after the company announced its expansion into Southeast Asia by entering the solar markets in Vietnam and Malaysia. The company is now shipping its IQ8P Microinverters, designed for residential and commercial applications, to support high-powered solar modules. The IQ8P, with a peak output of 480W, is the most powerful microinverter offered by Enphase. It is built for compatibility with solar modules up to 640W DC and features a 25-year warranty. 

For FY2024, which ended in December, analysts expect ENPH's EPS to decline 72.1% year-over-year to $0.92 per share. The company's earnings surprise history is mixed. It beat the consensus estimates in one of the last four quarters while missing on three other occasions. 

Among the 35 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on 14 “Strong Buy” ratings, 18 “Holds,” two “Moderate Sells,” and one “Strong Sell.”

This configuration is less bullish than a month ago, with 15 “Strong Buy” ratings on the stock.

On Jan. 31, Guggenheim Securities analyst Joseph Osha upgraded Enphase Energy to “Neutral” from “Sell.” The analyst noted that investor expectations for the upcoming fiscal year now appear more reasonable, leading the firm to view the stock as fairly valued. 

The mean price target of $88.14 represents a premium of 37.9% to ENPH's current levels. The Street-high price target of $145 implies a robust potential upside of 126.9% from the current price levels.