ENPH Stock Gains Retail Momentum After Goldman Sachs Reaffirms Bullish Stance

• The analyst’s bullish stance on the solar energy company comes ahead of a looming July 4 deadline for a federal solar tax credit for rooftop solar panels. 
• Under the regulation, commercial installations and leased rooftop systems can qualify for 30% Investment Tax Credit (ITC) if construction begins before the deadline.
• The stock jumped onto the retail radar following the target hike, with message volume on Stocktwits surging more than 313% in 24 hours.

Shares of Enphase Energy Inc. (ENPH) continued to edge higher in Wednesday’s overnight session after closing up 13.7% following the reaffirmation of Goldman Sachs’ bullish stance and a price target update.

The stock jumped onto the retail radar following the note, with message volumes around the stock surging more than 313% in 24 hours, according to Stocktwits data.

Users actively discussed a further upside in the company’s share prices amid positive catalysts.

Wall Street Upgrade Ahead Of Tax Credit Deadline

Goldman Sachs upgraded its price target on Enphase Energy by 11.8% to $57 from $51, while maintaining a ‘Buy’ rating on the shares, according to TheFly. The target hike indicates a 7.24% upside potential from its last closing price.

The analyst’s bullish stance on the solar energy company comes ahead of a looming July 4 deadline for a federal solar tax credit for rooftop solar panels. Under the regulation, commercial installations and leased rooftop systems can qualify for the 30% Investment Tax Credit (ITC) if construction begins before the deadline. Organizations will still have until 2027 to complete the installation and take the project into service.

Meanwhile, earlier this week, the company unveiled a new PowerMatch technology for two IQ Battery systems in the United States, including Puerto Rico, across North America, and certain countries in Central America and the Caribbean.

ENPH: Retail Stance

On Stocktwits, retail sentiment around ENPH stayed ‘bullish’ amid ‘high’ message volumes.

One bullish user praised Enphase’s “many positive catalysts.”

Another user eyed a price surge to $60 “soon.”

Another user said, “come on we need another 52 week high and break through all the walls!” The company had surged to the 52-week high of $53.89 on May 15.

ENPH shares have rallied more than 57% this year.

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