NEW YORK (TheStreet) -- Enphase Energy (ENPH) shares are up 0.8% to $16.96 on Friday after analysts at Canaccord Genuity (CCORF) raised the company's price target to $20 from $12, while reiterating its "buy" rating on the stock.
Canaccord analysts are bullish on the U.S. solar market and see signs of a strong housing market as being good for Enphase Energy.
"After recently speaking with a host of U.S. solar installers, financiers and suppliers we come away even more confident in the strength of the U.S. solar market, especially the residential sector," said the firm. "We reiterate our BUY rating on ENPH as we continue to believe in the growing trend of intelligent inverters, the strength in the U..S residential market and Enphase's dominant share in the microinverter space."
Separately, TheStreet Ratings team rates ENPHASE ENERGY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ENPHASE ENERGY INC (ENPH) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."