JPMorgan Adjusts Price Target on Enphase Energy to $90 From $91, Maintains Overweight Rating

Enphase Energy said Tuesday it has started shipping its IQ EV Charger 2 across 14 European countries.

The new charger works with the company's solar and battery systems and also operates as a standalone charger, Enphase said.

The IQ EV charger is now available in Norway, Germany, the UK, France, the Netherlands, Sweden, Denmark, Switzerland, Austria, Belgium, Luxembourg, Italy, Spain, and Portugal, the company said, adding that the new charger comes with both socketed and tethered variants.

US benchmark equity indexes closed sharply lower Monday as markets reacted to rising concerns regarding possible recession and heightened inflationary pressures.

The Nasdaq Composite fell 4% to 17,468.3, while the S&P 500 decreased 2.7% to 5,614.6. The Dow Jones Industrial Average was down 2.1% to 41,911.7. Energy and utilities sectors were the only gainers while technology had the steepest decline.

US Treasury yields were lower, with the 10-year rate losing about 7.2 basis points to 4.2% and the two-year rate off 9 basis points to 3.9%.

April West Texas Intermediate crude oil declined 1.6% to $65.99 a barrel Monday.

In economic news, short-term inflation expectations increased slightly while medium- and long-term expectations remained stable, according to February's survey of consumer expectations by the Federal Reserve Bank of New York.

"Households expressed more pessimism about their year-ahead financial situations in February, while unemployment, delinquency, and credit access expectations deteriorated notably," the bank added.

In company news, Enphase Energy was among the top performers on the S&P with shares up 2.7%. Thurman Rodgers, a director of the home energy solutions company, sold 100,000 shares for $6.1 million on Friday.

ServiceNow agreed to buy AI startup Moveworks for $2.85 billion. The company's shares fell 7.9%.

DexCom shares fell 9.2%. The company said late Friday it received a notice from the US Food and Drug Administration regarding manufacturing and quality management non-conformities found during inspections at its Mesa, Arizona, and San Diego, California facilities.

Rocket agreed to buy real-estate brokerage Redfin for $1.75 billion in stock. Rocket shares fell 15%, and Redfin surged 68%.

Tesla , Palantir Technologies and Microchip Technology saw the biggest declines on S&P on Monday.

Gold fell 0.8% to $2,891.30 per troy ounce, while silver was down 1.3% to $32.38 per troy ounce.

US benchmark equity indexes were on track to close lower on Monday amid mounting recession fears and worsening inflation expectations.

The Dow Jones Industrial Average fell 2.2% to 41,874.9, while the Nasdaq Composite decreased 4.2% to 17,434.5. The S&P 500 was down 2.9% to 5,604.9. Energy and utilities sectors were the only gainers, while technology had the steepest decline.

Enphase Energy was among the top performers on the S&P with shares up nearly 4%. Thurman J. Rodgers, a director at the home energy solutions company, sold 100,000 shares for $6.1 million on Friday.

DexCom shares fell 6.2%. The company said late Friday it received a notice from the US Food and Drug Administration regarding manufacturing and quality management non-conformities found during inspections at its Mesa, Arizona, and San Diego, California, facilities.

Tesla , Palantir Technologies and Microchip Technology saw the biggest declines on the S&P 500.

The 10-year US Treasury yield dropped 9.7 basis points to 4.2%, while the two-year rate was down 10 basis points to 3.89%.

April West Texas Intermediate crude oil was down 1.6% at $65.94 a barrel.

By Avi Salzman

Clean-energy stocks were some of the few winners as the broader market saw one of its worst selloffs in months.

The S&P 500 was down 2.8% in a broad selloff related to rising fears of a recession. But AES, a utility that is building out renewable-energy projects, was up 5.9%, the top gainer in the index. Enphase Energy, which makes equipment for solar panels, rallied 5%. Nextera Energy, the country's largest renewables developer, gained 3.9%.

Two factors appear to be behind the shift for an industry that has lagged behind the market for the past two years. There appear to be two causes: political support for some kinds of clean energy, and falling interest rates that make it easier to fund projects.

One investor who buys renewable energy names told Barron's that the rally was sparked by a letter sent by 21 Republican members of Congress to House Ways and Means Committee Chair Jason Smith, urging him not to make broad-based cuts to subsidies for renewable energy. It asked that "any proposed changes to the tax code be conducted in a targeted and pragmatic fashion."

The investor, Shawn Kravetz, who is president and chief investment officer of Esplanade Capital, said that the letter is an important sign that Republicans are likely to back certain parts of the Inflation Reduction Act, which offered $370 billion in tax credits to various energy sources, from renewables to nuclear.

"For months, some in the investment community had pinned some degree of hope that parts of the IRA would be preserved" because it helps many Republican districts, he wrote in an email. "This new letter rekindles some of that hope, I think appropriately."

At an energy conference in Houston, Nextera CEO John Ketchum also mentioned the letter as an important sign of broad support for the kinds of energy his company produces. The letter shows that things like clean- energy tax credits are "super important to meeting the power demand in a cost effective way in this country," he said.

The renewable stocks may also be benefiting from the fact that long-term interest rates have been falling as the economy teeters. High interest rates have been an impediment to adding new clean-energy projects because most are debt-financed.

Write to Avi Salzman at avi.salzman@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.