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    Home » Enphase Energy Inc. shares surge as company plans workforce reduction
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    Enphase Energy Inc. shares surge as company plans workforce reduction

    December 19, 20232 Mins Read
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    Shares of Enphase Energy Inc. (ENPH) rose 7.8% on Tuesday, reaching a four-month high and outperforming other stocks in the S&P 500. This upward momentum follows the company’s announcement on Monday that it intends to lay off 10% of its employees to achieve cost savings in a challenging economic climate.

    Positive outlook from J.P. Morgan analyst Mark Strouse

    Mark Strouse, an analyst at J.P. Morgan, has maintained an overweight rating on Enphase Energy Inc. for the past three years. Additionally, he has increased his price target from $125 to $143. Strouse sees the job-cut announcement as a positive move, as it will allow Enphase to focus on the core U.S. market amidst a decline in the residential solar industry.

    Impressive month-to-date performance

    Enphase Energy Inc.’s stock has soared by 32.4% this month, positioning it for the largest monthly gain since its impressive 45.6% surge in July 2022. However, it is important to note that the stock remains down 49.5% year to date, potentially indicating its first annual decline since 2016.

    Comparative performance

    In comparison, the Invesco Solar ETF (TAN) has experienced a 14.4% increase in December but has declined by 28.1% throughout 2023. On the other hand, the S&P 500 has achieved a 4.3% gain this month and a remarkable 24% rally for the year.

    Enphase Energy Inc.’s planned workforce reduction has undoubtedly caught the attention of investors, leading to a significant boost in their stock value. With a newfound focus on the U.S. market, the company aims to navigate the challenges of the residential solar industry and position itself for long-term success.

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