On June 12, Enphase Energy rose 5.36% in regular trading, trading at $53.50/share, with turnover of $126 million, rebounding after a multi-day sell-off that took shares from above $68 to the low $50s.
On the news front, Enphase announced the launch of the IQ9N Microinverter featuring GaN (Gallium Nitride) technology in Europe on June 11, expanding its residential solar product portfolio in a key growth market. Additionally, the broader Semiconductor Equipment sector rallied sharply, with Lam Research up 11.04%, KLA-Tencor up 10.80%, Applied Materials up 9.25%, ASML up 7.56%, and Teradyne up 6.58%, creating sector-wide tailwinds. Recent investment bank upgrades also remain supportive, with TD Cowen having doubled its target price to $70 and Goldman Sachs maintaining a Buy rating with a $57 target, estimating revenue potential of up to $910 million.
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