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US : Enphase Energy, Inc. - ENPH | As We Predicted, Inverter Competition Heating Up: TSLA Enters the Market, Won't Be the Last

    Graham Price
    Graham Price

    Sr. Res. Assoc.

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    CGS-CIMB
    19 January 2021
    Published byCGS-CIMB

    On January 8, we became the only sell-side firm with an Underperform rating on Enphase, citing the prospect of intensifying competition as an inevitable headwind for a stock that is priced for perfection (close to 80x EBITDA). The main thrust of our argument was that progress under Biden in repairi