Enphase currently holds a consensus Hold rating from 21 analysts with an average price target of $37.91. That suggests about 32% upside from the recent close of $28.58. They announced a $68 million safe harbor agreement on Nov 20 to secure federal tax credits for IQ9 Microinverters. Shipments are expected to start in Q1 2026. Despite the deal, BMO Capital reiterated a Sell rating with a $31 target. They cited competition from Tesla and regulatory changes like NEM 3.0 as headwinds. The expectation is that meaningful growth might not return until fiscal 2026.