Enphase Energy (ENPH) is trading 4% down at $39.89 today after TD Cowen lowered its price target to $48 from $70, maintaining a Hold rating. The firm cited a challenging residential market in the U.S., with building permit data indicating a lack of typical sequential demand increase for Q2. Analysts are forecasting a 19% sales decline for fiscal 2026, continuing to weigh on the stock's outlook.