Solar stocks are on fire.
- First Solar (FSLR) is up $3.35 a share
- Sunrun (RUN) is up $1.83
- SunPower (SPWR) is up $1.17
- SolarEdge (SEDG) is up about $21 a share
That’s all happening as we speak. All thanks to blowout earnings from Enphase Energy (ENPH).
The company just posted net income that more than doubled to $52.6 million, or 37 cents a share from $21.8 million, or 15 cents a year earlier. Adjusted earnings came in at 73 cents, which beat forecasts for 59 cents.
Revenue popped 17.4% to a record $412.7 million, which was above expectations for $410.2 million. The company said it expects first-quarter revenue of $420 million to $440 million.
No wonder shares of ENPH are up by $15.66 to $160.16.
Helping, analysts at Craig-Hallum just upgraded the ENPH stock to a buy with a $241 target. Better, B. Riley raised its price target on ENPH to $155 from $150. Susquehanna also raised its price target on ENPH to $250 from $225.