Enphase Energy shares plunged 6.87% during intraday trading on Tuesday, marking a sharp decline for the solar technology company.

The drop came as GLJ Research raised its price target on the stock to $24.47 from $21.70, but reiterated a Sell rating. The analyst’s cautious stance, with the new target still implying significant downside from recent trading levels, appeared to weigh heavily on investor sentiment. The report noted that Enphase is expected to face ongoing challenges, though the full details of the note were not immediately available.