Is Enphase stock worth buying on post-earning dip?

Enphase Energy Inc (NASDAQ: ENPH) has lost about 20% in just over two months but a Guggenheim analyst warns it has room to sink further. 

Enphase stock could tank another 15%

Joseph Osha downgraded the solar stock this morning to “sell” and lowered his price target to $92 which signals another 15% downside. 

He turned dovish on Enphase stock after its management cited weaker demand for solar solutions in the United States and reported disappointing earnings for the first quarter. 

More importantly, the Nasdaq-listed firm expects weakness to persist considering its guidance for the current quarter failed to impress as well. 

Note that $ENPH does not pay a dividend either at writing. 

Are Enphase shares currently overvalued?

Joseph Osha sees Enphase stock as overvalued following its Q1 earnings and muted guidance. His research note reads:

It is worth mentioning here that shares of the energy technology company based out of Fremont, California have failed to meaningfully break above their 200-day MA since the start of 2024. 

Other than Guggenheim, analysts at Jefferies also downgraded Enphase today to “hold”. Their $111 price objective hardly suggests any upside from here.