Enphase Energy Shares Rise on Analyst Upgrade and New Product Launch
Enphase Energy Inc (NASDAQ:ENPH) saw its shares increase by 6.7% in pre‑market trading on Thursday following two concurrent developments. Barclays analyst Christine Cho upgraded the stock from Underweight to Equalweight and lifted the price target from $30 to $51. The upgrade was primarily driven by Enphase’s emerging solid‑state transformer (SST) opportunity, which Cho estimates could address a $2 billion annual run‑rate market in the United States by the late 2020s.
Cho explained that the SST initiative offers a credible entry point into the evolving data‑center power stack, as hyperscalers transition to 800 V DC architectures to support higher rack densities. She noted that SSTs are expected to replace traditional transformers, UPS systems, and PDUs, and that Enphase’s technical strengths align well with this shift. If Enphase and SolarEdge maintain their design lead, they could capture early market share as 800 V data centers scale in 2028‑2029.
In parallel, Enphase announced the commencement of production shipments for its IQ9S‑3P Commercial Microinverter in the United States. The inverter utilizes gallium nitride (GaN) technology, supports solar panels up to 770 W, and connects directly to three‑phase 480Y/277 V grid configurations without the need for external transformers. The IQ9S‑3P delivers up to 548 VA of continuous output power and achieves a CEC‑weighted efficiency of 97.5%. Safe‑harbor orders for the product remain open until July 4 2026, ahead of upcoming federal tax‑credit deadlines. The microinverter is backed by a 25‑year limited warranty, is manufactured in U.S. facilities, and may qualify for domestic‑content bonus tax credits under applicable requirements.