Enphase Energy (ENPH) shares are extending gains on Monday as investors continue to cheer TD Cowen’s recently issued bullish note in favor of the energy technology company.
Analyst Jeff Osborne maintained a “Hold” rating on ENPH last week but doubled his price target to $70, indicating potential upside of another 18% from current levels.
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Osborne’s positive stance is particularly encouraging given Enphase stock is already up about 90% versus its year-to-date low in late April.
www.barchart.comWhy TD Cowen Is Bullish on Enphase Stock
In his research note, Osborne attributed much of his bullish view on ENPH shares to the company’s newly announced IQ Solid-State Transformer (IQ SST) — a distribution power conversion platform purpose-built for AI data centers.
This 1.25 MW distributed architecture, built from 342 intelligent modules, targets 98.5% efficiency and 99.999% availability, specifications tailored to demanding reliability standards of hyperscale AI infrastructure.
The SST tech positions Enphase Energy Inc as a scalable, semiconductor-driven power conversion supplier for hyperscale demand, expanding both its TAM and rerating potential.
In short, ENPH has penetrated the AI data center power infrastructure — a far higher-margin, faster-growing market than residential solar, which TD Cowen believes will drive its share price higher over time.
Where Options Data Suggests ENPH Shares Are Headed
The commercial timeline and addressable market figures are what appear to have moved the needle for Jeff Osborne.
ENPH expects the initial annual U.S. addressable opportunity for IQ SST in AI data centers to exceed 11 GW within the next five years, with full system demonstrations of the platform planned for later in 2026, customer pilots expected next year, and volume shipments targeted for 2028.
Crucially, options pricing agrees with TD Cowen’s bullish stance as well, with the upper price on contracts expiring mid-September set at nearly $78 currently, signaling potential for another 30% upside from here.
Enphase Energy shares do not currently pay a dividend, though.
What’s the Consensus Rating on Enphase Energy?
Investors should note, however, that other Wall Street firms aren’t as bullish on ENPH stock as TD Cowen.
The consensus rating on Enphase Energy sits at “Hold” only, with the mean price target of about $45 indicating potential downside of more than 20% from here.
www.barchart.com On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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