By Sam Boughedda 

Enphase Vitality (NASDAQ:) was lifted to Outperform with a $225 value goal by Raymond James analysts on Monday.

Raymond James has turned optimistic on Enphase for the primary time since 2013, with the analysts stating that the agency is a fan of the increasing European angle.

“This improve is partly opportunistic and partly thematic,” wrote the analysts. “Amid the broader market’s risk-off commerce, we are attempting to catch a proverbial falling knife. Enphase shares are down 31% year-to-date, as in comparison with the ECO index’s decline of 5%, having erased all of their peer-leading acquire from 2022.”

The improve additionally displays Raymond James’ long-standing choice for cleantech corporations with a European obese, and so they consider Europe emerged as Enphase’s main progress driver in 2022 and “count on much more of that within the years forward.”

The inventory is “now not priced for perfection,” says the analysts. “Whereas this commerce stays extra crowded than most different clear tech story shares — such is the fact of being one among solely a handful of fresh tech names within the S&P — multiples are lastly inside cause,” they added.