According to Piper Sandler, the time has come to make the move on solar energy stock Enphase Energy. Analyst Kashi Harrison cut shares from overweight to neutral, saying the US residential solar power market could reset this year on weak demand. “We still view ENPH as a company with solid products, strong MGMT, best-in-class ops and an attractive market position; however, we believe US regi demand uncertainty remains very high. Rating,” said Harrison wrote. ENPH 1D Mountain Enphase shares declined analyst citing recent data from Goodleep that showed a decline in December loan originations compared to August. According to the note, Goodleep is a leading provider of financing options for the residential solar power industry, with approximately 30% market share. “After the close last Friday, KBRA published its preliminary ratings on Goodleep’s new ABS, including a chart indicating a sharp decline in Dec’22 loan originations versus the Aug’22 peak. In addition, Dec’22 22 shows >10% of solar origin. Down Dec 21,” wrote Harrison. “While we expected a decline in Cal’23 US resi growth (see note) partly due to higher financing costs adversely impacting marginal economy sectors, we did not foresee this degree of demand weakness,” he added. hadn’t guessed.” Shares of Enphase Energy are down 17% this year. The analyst cut his price target from $350 to $255, meaning shares are up nearly 16% from Tuesday’s close. Shares were down more than 4% in premarket trading Wednesday. —Michael Bloom of CNBC contributed to this report.