Enphase(US:ENPH) 智通财经网·2025-08-22 06:48Core Viewpoint - Jefferies upgraded Enphase Energy's rating from "underperform" to "hold" with a target price of $36, citing expectations for better-than-expected short-term revenue while acknowledging concerns about the residential solar market in the coming years [1] Group 1: Rating and Market Outlook - Jefferies analysts believe that the recent guidance from the U.S. Treasury is favorable for the residential solar industry, although Enphase's stock only rose about 10% [1] - Analyst Julien Dumoulin-Smith noted a disconnect in the market regarding the value of safe harbor provisions, suggesting that the extension of investment tax credits until 2030 could lead to improved short-term conditions for Enphase [1] - The company is expected to exceed revenue expectations before Q3 2026 as third-party owners (TPOs) rush to purchase before the tax incentives expire [1] Group 2: Safe Harbor Agreement - On August 19, Enphase Energy announced a new safe harbor agreement with a leading solar and battery financing company, which includes TPO agreements such as leases and power purchase agreements (PPAs) [1] - This agreement is expected to generate approximately $50 million in revenue for Enphase and highlights the company's strong involvement in the TPO sector, a key growth channel for residential solar and battery business in the U.S. [1] - The safe harbor agreement covers Enphase's IQ8HC™ microinverters manufactured in the U.S., helping future projects maintain eligibility for investment tax credits (ITC) and domestic content bonus credits [2]