Enphase Energy, Inc.

NasdaqGM:ENPH 株式レポート

時価総額：US$6.3b

Enphase Energy 将来の成長

Future 基準チェック /46

Enphase Energy利益と収益がそれぞれ年間20.9%と3.4%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に20.3% 17.1%なると予測されています。

主要情報

20.9%

収益成長率

17.12%

EPS成長率

Semiconductor 収益成長25.8%
収益成長率3.4%
将来の株主資本利益率20.32%
アナリストカバレッジ

Good

最終更新日15 May 2026

今後の成長に関する最新情報

Recent updates

Seeking Alpha • May 08

Enphase Energy: Testing 2019 Lows, Could Be Value Trap Or Generational Buy

Summary Enphase Energy faces ongoing headwinds from higher rates, tax changes, and intensified competition, leading me to reiterate a "Neutral" rating. ENPH’s Q1 revenue landed at $282.9 million, with gross margin outperforming guidance, but growth remains challenged amid cyclical and competitive pressures. Valuation appears reasonable but not compelling, trading at 14x 2027e earnings; upside requires aggressive assumptions on margin recovery and growth. I expect a growth rebound next year on easier comps, but long-term margin and market share concerns temper conviction for a re-rating. Read the full article on Seeking Alpha
ナラティブの更新 • May 04

ENPH: PPL Demand Visibility And Key Distributor Partnership Will Drive Recovery

Enphase Energy's updated analyst price target has been adjusted to $61.12 from $71.43, as analysts weigh slightly different revenue growth assumptions, a modestly lower discount rate, an improved profit margin outlook, and a more conservative future P/E of 26.08 versus 30.37, against a backdrop of mixed target revisions across the Street. Analyst Commentary Recent Street research on Enphase Energy shows a split in opinion, with many firms trimming price targets while a cluster of bullish analysts highlight potential upside drivers around demand visibility, product momentum, and collaboration wins.
ナラティブの更新 • Apr 20

ENPH: Fair Value View Expects Demand Inflection To Support Future Recovery

Enphase Energy's analyst price target has shifted modestly higher to reflect a recalibrated fair value of about $45.75, as analysts weigh mixed target changes across firms along with updated assumptions for revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent Street research on Enphase Energy reflects a mix of optimism about a potential recovery in demand and caution around execution risk, pricing and volume trends.
ナラティブの更新 • Apr 05

ENPH: PPL Demand Visibility And Distributor Partnerships Will Support Recovery

Analysts have slightly reduced the price target for Enphase Energy to account for a modestly higher discount rate, while recent upgrades and target increases from other firms suggest rising confidence in future demand and margins. Analyst Commentary Recent research on Enphase Energy reflects a mix of cautious valuation tweaks and growing optimism around execution and future demand.
ナラティブの更新 • Mar 22

ENPH: PPL Demand Visibility And Channel Partnerships Will Support Recovery

Analysts trimmed their fair value estimate for Enphase Energy by about $0.33 to $71.53. This reflects slightly lower discount rate and P/E assumptions alongside marginally higher modeled revenue growth and profit margins, supported by a recent wave of upward price target revisions and rating upgrades as confidence grows around demand visibility and the PPL offering.
ナラティブの更新 • Mar 08

ENPH: Recent Upgrade Wave Will Support Demand Recovery Despite Policy Risks

The analyst price target for Enphase Energy has been revised slightly higher to reflect a move in fair value from $71.04 to $71.86, with analysts pointing to improving demand visibility, a series of recent upgrades, and growing confidence in the company’s product pipeline and partnerships as key drivers behind the adjustment. Analyst Commentary Recent Street research on Enphase Energy has leaned more constructive, with several bullish analysts revisiting their assumptions on demand visibility, margins, and the value of the product pipeline.
ナラティブの更新 • Feb 21

ENPH: Recent Upgrades Signal Future Upside Despite Policy And Financing Risks

Analysts have lifted their blended price target for Enphase Energy from about $64 to roughly $71, citing refreshed models that incorporate higher projected revenue growth, a slightly lower discount rate, and updated assumptions for profit margins and future P/E multiples, following a wave of recent target hikes and upgrades across the Street. Analyst Commentary Recent research has been heavily skewed toward more constructive views on Enphase Energy, with several bullish analysts lifting price targets and shifting ratings to a more positive stance.
ナラティブの更新 • Feb 07

ENPH: Fair Value View Weighs Residential Demand Risks And Product Pipeline Visibility

Analysts have raised their price target on Enphase Energy from about US$38 to roughly US$45. This reflects updated views on slightly firmer revenue expectations, a modestly lower discount rate, and a higher assumed future P/E multiple supported by a wave of recent target hikes and upgrades across major firms.
分析記事 • Feb 05

Subdued Growth No Barrier To Enphase Energy, Inc. (NASDAQ:ENPH) With Shares Advancing 52%

Enphase Energy, Inc. ( NASDAQ:ENPH ) shares have continued their recent momentum with a 52% gain in the last month...
ナラティブの更新 • Jan 23

ENPH: Upgraded Views Signal Future Upside Despite Policy And Demand Headwinds

Our updated view trims Enphase Energy's fair value estimate from US$69.02 to US$64.20, reflecting analysts' mixed price target revisions and research that highlights both quality fundamentals and ongoing demand and policy headwinds. Analyst Commentary Recent research on Enphase Energy reflects a split tape, with some bullish analysts turning more constructive while others stay cautious on valuation and demand risk.
ナラティブの更新 • Jan 09

ENPH: Fair Value View Balances Residential Risks And Cash Flow Visibility

Analysts have made a small upward revision to their Enphase Energy fair value estimate to about $38.45. This reflects adjustments to revenue trends, profit margins and future P/E expectations following a mixed set of recent price target changes in the $31 to $40 range.
分析記事 • Jan 01

Enphase Energy (NASDAQ:ENPH) Could Be Struggling To Allocate Capital

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
ナラティブの更新 • Dec 25

ENPH Future Revenue Weakness Will Pressure Shares Despite Recent Business Developments

We trim our fair value estimate for Enphase Energy to $26 from $27 per share. Analysts, while acknowledging recent target raises across parts of the Street, remain cautious on near term revenue headwinds, eroding U.S. market share, and a still demanding forward earnings multiple.
ナラティブの更新 • Dec 11

ENPH: Residential Solar Recovery And Cash Flow Visibility Will Drive Future Upside

Analysts slightly trimmed their blended price target on Enphase Energy by about $1 to the mid $30s, as cautious views on continued revenue contraction and modestly lower profit expectations offset incremental optimism from select firms citing improving conditions in residential solar. Analyst Commentary Recent research updates highlight a divided but slowly improving sentiment around Enphase, with modest target changes reflecting balancing views on execution risk and recovery potential in residential solar.
ナラティブの更新 • Nov 27

ENPH: U.S. Manufacturing And Diversified Revenue Will Drive Future Cash Flow Stability

Analysts have nudged Enphase Energy's average price target slightly lower to $38.85, a decrease of $0.53. They cite mixed Q3 results, ongoing U.S. market share pressures, and cautious outlooks for residential solar.
ナラティブの更新 • Nov 13

ENPH: Continued U.S. Manufacturing Expansion Will Support Cash Flow Strength

Narrative Update on Enphase Energy Price Target Analysts modestly reduced their fair value price target for Enphase Energy by about $1 to $39.38. This adjustment reflects ongoing concerns over declining revenue growth, tighter profit margins, and heightened competitive pressures in the residential solar market.
ナラティブの更新 • Oct 30

ENPH: Shifting Market Dynamics Will Drive New Demand For Residential Solar

Analysts have revised their price target for Enphase Energy downward from approximately $42.79 to $40.38. They cited concerns about declining revenue growth and evolving market dynamics, despite recent mixed signals in residential solar demand.
ナラティブの更新 • Sep 04

Global Electrification And Solar Trends Will Open New Markets

Analysts have maintained Enphase Energy’s price target at $42.79 as weaker U.S. residential solar demand, driven by policy uncertainty and expiring tax credits, is offset by potential opportunities in third-party ownership and modestly resilient margins. Analyst Commentary Bearish analysts cited new or accelerated policy changes—particularly expiration and restriction of federal investment tax credits (ITC/PTC/Section 25D) and lease eligibility under the “One Big Beautiful Bill”—as likely to weigh on U.S. residential solar demand and Enphase’s near- and medium-term outlook.
分析記事 • Aug 07

Risks Still Elevated At These Prices As Enphase Energy, Inc. (NASDAQ:ENPH) Shares Dive 29%

Unfortunately for some shareholders, the Enphase Energy, Inc. ( NASDAQ:ENPH ) share price has dived 29% in the last...
分析記事 • Jul 30

Enphase Energy's (NASDAQ:ENPH) Performance Is Even Better Than Its Earnings Suggest

Enphase Energy, Inc.'s ( NASDAQ:ENPH ) earnings announcement last week was disappointing for investors, despite the...
分析記事 • Jul 16

Is Enphase Energy, Inc. (NASDAQ:ENPH) Potentially Undervalued?

Enphase Energy, Inc. ( NASDAQ:ENPH ), might not be a large cap stock, but it saw a double-digit share price rise of...
分析記事 • Jun 18

With A 31% Price Drop For Enphase Energy, Inc. (NASDAQ:ENPH) You'll Still Get What You Pay For

Unfortunately for some shareholders, the Enphase Energy, Inc. ( NASDAQ:ENPH ) share price has dived 31% in the last...
分析記事 • May 23

Are Investors Undervaluing Enphase Energy, Inc. (NASDAQ:ENPH) By 39%?

Key Insights The projected fair value for Enphase Energy is US$62.33 based on 2 Stage Free Cash Flow to Equity Enphase...
Seeking Alpha • Apr 23

Enphase Energy: Mediocre Quarter, Muted Outlook - Hold

Summary Enphase Energy reported weaker-than-expected first quarter results, with both revenues and profitability coming in slightly below consensus expectations. On a sequential basis, sales were down by approximately 7% which the company attributed to seasonality and softening U.S. demand, partially offset by $54.3 million in safe harbor revenue. During the quarter, Enphase generated $33.8 million in free cash flow and utilized $100.0 million for share buybacks. Tariffs will negatively impact the company's growing battery storage segment well into next year. Given ENPH's muted outlook, the company's shares might remain in the penalty box for another couple of quarters. However, with the company still being solidly profitable and generating free cash flow, I am reiterating my "Hold" rating on the stock. Read the full article on Seeking Alpha
Seeking Alpha • Apr 16

Enphase Energy: Dropping My Price Target, But Shares Washed Out

Summary Despite a 50% drop in Enphase Energy shares, I maintain a buy rating due to its strong free cash flow and undervalued status. ENPH's Q4 results beat expectations, but macroeconomic factors and tariff threats have led to a significant decline in stock price. The technical outlook is bearish with resistance in the $73-$78 zone; however, a high short ratio could trigger a quick pop on positive news. I lowered my price target, but with solid free cash flow and potential EPS gains, I see shares as undervalued ahead of the Q1 report. Read the full article on Seeking Alpha
Seeking Alpha • Mar 09

Enphase: The Solar King Will Return

Summary Despite struggles due to macro headwinds and competition, Enphase continues to show solid financials with exposure to a sector recovery. ENPH's microinverters are technologically superior, but Tesla's Powerwall poses significant competition, impacting market perception and pricing power. ENPH's valuation is attractive at 5.5x sales and 20x earnings, with potential upside from a cyclical recovery. I reiterate my strong buy rating for the stock. Read the full article on Seeking Alpha
Seeking Alpha • Feb 03

Enphase: Buy When Others Question If Sunny Days Will Ever Reappear

Summary Enphase Energy presents a contrarian buying opportunity with its stock price down 85% over 24 months, while still profitable and delivering substantial free cash flow. Valuation metrics are attractive, highlighted by forward estimated P/E ratios at historic lows. The balance sheet is conservative, with sufficient current assets to cover all liabilities, ensuring survival through the industry downturn. I rate Enphase a Buy for a 12-month outlook, with a Strong Buy rating in the low $50s, assuming an eventual industry recovery. Read the full article on Seeking Alpha
Seeking Alpha • Jan 20

Enphase: Challenges Mount As Solar Industry Could Face More Headwinds In 2025

Summary I expect residential solar installations to keep declining in 2025 due to reduced incentives in the US and Europe, along with high financing costs for consumers. The solar industry is struggling with installer bankruptcies in the US and Europe, reducing Enphase's customer base and impacting its revenue. In my view, Enphase is overvalued against its sector and industry peers, especially when considering its exposure to a seemingly declining industry on both sides of the Atlantic. While a recovery is possible if policies change positively, I am skeptical the odds justify a bullish stance at current valuations. I initiate my coverage with a strong sell rating. Read the full article on Seeking Alpha
Seeking Alpha • Dec 31

Enphase: Floor Yet To Be Found - More Uncertainties Ahead (Rating Downgrade)

Summary Enphase faces significant headwinds due to uncertainties in the US renewable policies and softening demand in the US/ EU markets, leading to its impacted performance metrics. These issues have led to the stock's underwhelming performance and rather expensive valuations, pending further clarity in 2025. Despite the growing battery volume sales and sequentially improving microinverter sales, we believe that ENPH's prospects remain mixed ahead. Even so, ENPH remains profitable with a healthy balance sheet despite the ongoing industry headwinds, with it perhaps underscoring why the market has awarded the stock with the premium valuations. For now, given the still elevated short interested, we urge interested investors to monitor its near-term execution/ stock price performance for an improved margin of safety. Read the full article on Seeking Alpha
Seeking Alpha • Dec 17

Enphase: Ready To Shine Again

Summary Enphase Energy's stock is undervalued due to temporary headwinds, offering a 57% upside potential with an intrinsic value of $115 per share. ENPH dominates the microinverter segment and benefits from favorable long-term solar energy trends, despite recent revenue declines. Strong financials and liquidity position Enphase better than rivals like SolarEdge, enabling growth through innovation and potential M&A. Risks include geopolitical tensions affecting the supply chain and slower-than-expected interest rate cuts impacting growth stock valuations. Read the full article on Seeking Alpha
Seeking Alpha • Nov 20

Enphase Energy: Risks Already Priced In

Summary Enphase Energy is a quality stock with strong profitability metrics and competitive advantages in the semiconductor materials and equipment industry. In addition to an attractive valuation compared to past multiples, ENPH's expected earnings growth and recent sharp price drop make it a Buy at current levels. The Company's Q3 results missed both top and bottom lines but contain some bright spots. The stock is oversold and at a key support level, presenting a buying opportunity for mid- to long-term investors. Read the full article on Seeking Alpha
Seeking Alpha • Nov 01

Enphase Energy: Disappointing, But Not As Bad As It Seems

Summary Enphase Energy saw Europe weakness and a large US customer bankruptcy result in a delay in its path to normalized revenues. 3Q results were actually satisfactory in my view given the backdrop of what was happening. US market fundamentals are improving, with strong growth in California and non-California states, and across products. The competition rhetoric seems overdone as Enphase Energy showed relative strength in the US, along with stable market share. Enphase Energy continues to be focused on its business fundamentals, working with installers, expanding to new geographies and launching new products. Read the full article on Seeking Alpha
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新しいナラティブ • Oct 29

Narrative update from Goran Damchevski

Enphase is slowly recovering sales from the drop in the last 12-months. I maintain that 2024 will be a down year, and the company will start recovering in 2025.
Seeking Alpha • Oct 23

Enphase Energy: Sell On Weak Near-Term Outlook (Rating Downgrade)

Summary Leading micro-inverter and battery storage solutions supplier Enphase Energy reported another set of disappointing quarterly results, with revenues and profitability coming in below consensus expectations. While revenues in the United States increased by approximately 43% on a sequential basis, sales in Europe were down by 15% while sell-through was decreased an eye-catching 34%. Weakness in Europe is expected to persist in Q4 and going into 2025. As a result, management issued Q4 guidance well below consensus expectations. With business conditions in Europe unlikely to improve meaningfully anytime soon, I would expect ENPH to remain in the penalty box for at least the next couple of quarters. Read the full article on Seeking Alpha
Seeking Alpha • Oct 13

Enphase Q3 Preview: Almost Out Of The Woods

Summary Enphase Energy's Q3 results are anticipated to benefit from the launch of IQ8X microinverters in Australia and extended warranties, driving sales and installations. A strong financial base and international expansion, particularly in high-growth markets, position Enphase well despite recent hardships in a high interest rate environment. Potential medium-term risks include U.S. inflation, slowing GDP growth, and federal debt limitations, which could impact Enphase's valuation and overall success. In 12 months, Enphase is likely to trade at a stock price of approximately $170. However, this could be underperformed if the Federal Reserve adopts a prudent moderate rate strategy. Read the full article on Seeking Alpha
Seeking Alpha • Sep 24

Enphase: Stay Calm And Keep On Loading Up

Summary Enphase Energy's recovery has been weaker than expected, underperforming the S&P 500. It's battling tough industry challenges and high interest rate headwinds. Enphase maintains robust profitability and high revenue visibility, corroborating its recovery thesis. ENPH is still priced for growth. However, its reasonable growth-adjusted valuation indicates a favorable risk/reward profile. I explain why the market's pessimism isn't warranted, affording solid opportunities for investors to buy more shares. Read the full article on Seeking Alpha
Seeking Alpha • Sep 09

If Interest Rates Drop, Enphase's Global Expansion Could Skyrocket

Summary Enphase is currently both a value and a growth opportunity amid strong FY25 growth rates. Falling interest rates are key to the thesis unfolding as planned. Despite a bullish 12-month outlook with large speculative gains likely from irrational short-term sentiment, I believe a P/E ratio of 30 is fair for the stock during FY25. Despite my conservative fair value, the market could easily price the stock at a P/E ratio of 45 to 50 based on 89% EPS growth expected for FY25. If the stock price hits $190+ in FY25, I will be selling, as I will be expecting significant downside volatility to follow due to much lower FY26 growth rates. Read the full article on Seeking Alpha
Seeking Alpha • Aug 23

Enphase Is Rightfully Expensive For Three Great Reasons

Summary ENPH's prospects have been undoubtedly impacted by the higher borrowing costs, transition to NEM 3.0, and the end of first wave EV adoption. However, with those headwinds likely to lift soon, it is unsurprising that the management has reported sequential improvements in its FQ2'24 performance and guided robust FQ3'24 numbers. With the bottom likely here and ENPH strategically diversifying into the commercial solar market, we believe that FY2025 may bring forth a great reversal. We shall further discuss why we are maintaining our Buy rating. Read the full article on Seeking Alpha
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新しいナラティブ • Aug 21

Gallium Nitride Innovations And Global Expansion Set To Skyrocket Revenue And Margins

Introduction of IQ9 microinverters with gallium nitride promises higher output power at lower costs, suggesting potential for increased revenue and improved gross margins.
Seeking Alpha • Aug 13

Enphase: Losing The Battery War

Summary The residential solar industry in the US is still in its infancy, with only 5% of single-family homes having solar panels, 44% of which are in California. Enphase dominates the US inverter market with microinverters, but faces challenges with the rise of battery technology in residential solar. Tesla's Powerwall 3 poses a significant threat to Enphase's battery technology, as it offers a more cost-effective and efficient solution for solar + storage. Exposure to consumer spending, interest rates, and regulation increases Enphase's risks. Read the full article on Seeking Alpha
Seeking Alpha • Aug 05

Enphase Energy: A Positive Signal For Better Times Ahead

Summary Enphase Energy reported mixed 2Q24 results, with revenue and EPS missing while gross margins staying resilient. More importantly, channel inventory is now normalized as of the end of 2Q24, achieving a key milestone set by management earlier. California unexpectedly pivoted to positive sell-through, while non-California states pivoted to positive sell-through as expected. On the other hand, Enphase Energy saw stabilization in Europe despite a weak market, demonstrating its ability to gain market share there. As a result of the domestic content advantage, I see an upside to 4Q24 numbers in terms of market share and gross margin. Read the full article on Seeking Alpha

業績と収益の成長予測

NasdaqGM:ENPH - アナリストの将来予測と過去の財務データ ( )USD Millions
日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数
12/31/20281,45219032835620
12/31/20271,29814033745028
12/31/20261,1964144441426
3/31/20261,400135145191N/A
12/31/20251,47317296137N/A
9/30/20251,512196217256N/A
6/30/20251,483175373412N/A
3/31/20251,423148472513N/A
12/31/20241,330103480514N/A
9/30/20241,25061336382N/A
6/30/20241,420130297358N/A
3/31/20241,828276404500N/A
12/31/20232,291439586697N/A
9/30/20232,713572808915N/A
6/30/20232,796573865957N/A
3/31/20232,616492832889N/A
12/31/20222,331397698745N/A
9/30/20222,019296545588N/A
6/30/20221,736203466514N/A
3/31/20221,522166324379N/A
12/31/20211,382145300352N/A
9/30/20211,234166291339N/A
6/30/20211,061183254293N/A
3/31/202187197226253N/A
12/31/2020774134196216N/A
9/30/2020720178215234N/A
6/30/2020721169152172N/A
3/31/2020730227144161N/A
12/31/2019624161N/A139N/A
9/30/201950745N/A39N/A
6/30/201940511N/A41N/A
3/31/2019346-4N/A30N/A
12/31/2018316-12N/A16N/A
9/30/2018304-15N/A12N/A
6/30/2018303-19N/A3N/A
3/31/2018301-27N/A-1N/A
12/31/2017286-45N/A-28N/A
9/30/2017297-55N/A-31N/A
6/30/2017309-67N/A-49N/A
3/31/2017313-72N/A-42N/A
12/31/2016323-67N/A-33N/A
9/30/2016298-70N/A-20N/A
6/30/2016312-51N/A-6N/A
3/31/2016335-35N/A-25N/A
12/31/2015357-22N/A-21N/A
9/30/2015397-6N/A-20N/A
6/30/2015393-6N/A-3N/A

アナリストによる今後の成長予測

収入対貯蓄率: ENPHの予測収益成長率 (年間20.9% ) は 貯蓄率 ( 3.5% ) を上回っています。

収益対市場: ENPHの収益 ( 20.9% ) はUS市場 ( 16.7% ) よりも速いペースで成長すると予測されています。

高成長収益: ENPHの収益は今後 3 年間で 大幅に 増加すると予想されています。

収益対市場: ENPHの収益 ( 3.4% ) US市場 ( 11.7% ) よりも低い成長が予測されています。

高い収益成長: ENPHの収益 ( 3.4% ) 20%よりも低い成長が予測されています。

一株当たり利益成長率予想

将来の株主資本利益率

将来のROE: ENPHの 自己資本利益率 は、3年後には高くなると予測されています ( 20.3 %)

成長企業の発掘

7D

1Y

7D

1Y

7D

1Y

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2026/05/15 01:43
終値2026/05/15 00:00
収益2026/03/31
年間収益2025/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。

シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。

業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Enphase Energy, Inc. 28 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。52

アナリスト機関
Christine ChoBarclays
Ameet ThakkarBMO Capital Markets Equity Research
Moses SuttonBNP Paribas