Enphase Energy, Inc. (NASDAQ:ENPH) shares are trading higher Wednesday as small cap stocks get a boost following cooler-than-expected inflation data.
The Details:
CPI data released Wednesday morning showed that inflation slowed to 3.3% annually in May, below both the expected and previous rate of 3.4%. Lower-than-expected inflation data is bolstering hopes for interest rate cuts later this year and small cap stocks are climbing following the cool CPI print.
On Monday, HSBC analyst Daniel Yang upgraded Enphase Energy from a Hold to a Buy and announced a $166 price target.
According to data from Benzinga Pro, shares are trading above the stock's 50-day moving average of $117.16 and 13.25% of available Enphase shares are being sold short.
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Will ENPH Stock Go Up?
When trying to assess whether or not Enphase Energy will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $128.58 on Enphase Energy. The Street high target is currently at $166 and the Street low target is $45.82. Of all the analysts covering Enphase Energy, 17 have positive ratings, 5 have neutral ratings and 2 have negative ratings.
In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Enphase Energy have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Enphase Energy is 24.41% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Enphase Energy, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
ENPH Price Action: According to Benzinga Pro, Enphase Energy shares are up 2% at $135.07 at the time of publication Wednesday.
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