Northland Capital Names Enphase a Preferred Pick

Enphase Energy NASDAQ:ENPH rose 15.83% in premarket after Northland Capital named the company a preferred pick on rising electricity costs and El Nino-driven heat, both tailwinds for solar and battery storage demand in the U.S. and Europe. The firm pegs the average U.S. summer electricity bill at $778 a month this season, up about 8.5% from last year. That kind of jump tends to push more homeowners toward rooftop solar and battery backup.

There's also a longer game here. TD Cowen and Barclays have flagged Enphase's IQ Solid-State Transformer platform, a distributed power setup built for AI data centers, as a real growth avenue. The U.S. addressable market could top 11 GW by the early 2030s.

Shares have climbed more than 50% year to date.