Enphase Energy Inc. (NASDAQ:ENPH) has been surging in the past month with gains of 17%. Besides strengths in the energy sector, the stock was boosted by robust earnings late last month. The company reported a non-GAAP EPS of $0.79 in the first quarter. The earnings were more than $0.56 last year and better than estimates of $0.66. A higher revenue of $441.3 million also came better than estimates of $432.3 million.
For the second quarter, Enphase expects revenue of between $490 million and $520 million. The revenue is higher than estimates of $474.6 million. It means that the company believes the strengths it showed in the first quarter are set to continue.
Zacks has a hold rating on Enphase energy stock. The stock also received an upgrade at Cowen after strong earnings. The analysts have a target of $227 from the previous $240. Piper Sandler expects the stock to hit $230, which is ambitious compared to the previous target of $220. This analysis finds that the stock could rise to $280, but the most realistic target for an investor is $219. The level is the established resistance on the weekly chart making it critical.
Enphase stock faces immediate resistance at $189
Source – TradingView
Enphase stock has a clear resistance at $219. However, $189 is also a minor resistance area on the weekly chart. The stock could slide down a little bit in the coming week before it clears $189. We recommend investors continue holding the stock for higher gains up to $219. However, new buyers should look to buy the stock lower on a retracement below the current $188.
Summary
Hold Enphase energy up to $219 or potentially higher. At the current price, the stock faces immediate resistance at $189. New investors should consider buying the stock lower.
The post Hold Enphase Energy up to $219 but expects resistance at $189 appeared first on Invezz.
