Goldman Sachs Optimistic on U.S. Solar Companies 2026 Outlook, Upgrades ENPH Price Target to $45
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 20 2026
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Source: Benzinga
- Positive Market Outlook: Goldman Sachs analyst Brian Lee anticipates a roughly 20% year-over-year growth for the U.S. utility-scale market in 2026, as policy uncertainties fade, leading investors to focus on fundamentals, showcasing steady growth and strong bookings momentum.
- ENPH Price Target Upgrade: Goldman upgraded Enphase Energy from Neutral to Buy, raising the price target from $29 to $45, with expectations of benefiting from stronger-than-expected fourth-quarter demand due to market share gains and year-end activities from cash/loan customers ahead of the 25D tax credit expiration.
- Earnings Forecast Increase: Lee raised EPS estimates for Enphase for 2025, 2026, and 2027 to $2.85, $1.89, and $2.76 respectively, reflecting higher revenue projections of $1.47 billion for 2025, up from $1.45 billion previously, indicating robust growth drivers.
- Other Company Highlights: The analyst also noted Array Technologies, Fluence Energy, and Shoals Technologies, with Fluence expected to generate $404 million in first-quarter revenue and Shoals projected to achieve $146 million in fourth-quarter revenue, both indicating strong market demand.
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Analyst Views on ARRY
Wall Street analysts forecast ARRY stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for ARRY is 10.82 USD with a low forecast of 8.00 USD and a high forecast of 15.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
14 Analyst Rating
6 Buy
7 Hold
1 Sell
Moderate Buy
Current: 11.420
Low
8.00
Averages
10.82
High
15.00
Current: 11.420
Low
8.00
Averages
10.82
High
15.00
About ARRY
Array Technologies, Inc. is a provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop and operate solar photovoltaic (PV) sites. Its segments include Array Legacy Operations and STI Legacy Operations. Its products are a portfolio of integrated solar tracking systems comprised of software and hardware that include component parts such as steel tubing, steel supports, drivelines, center structures, electric motors, motor controller assemblies, bearing assemblies, gearboxes and electronic controllers, referred to as a single-axis tracker. Its flagship tracker uses a patented design that allows one motor to drive multiple rows of solar panels. Its products and services include Tracker Systems; DuraTrack HZ v3; Array STI H250; Array OmniTrack, and SmarTrack Software. SmarTrack is a range of software and control-based products designed for utility-scale solar sites. It is also a provider of solar racking and structural solutions.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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