Enphase Energy (NASDAQ:ENPH) encountered a significant decline of more than 10% intra-day today due to the company's disappointing revenue forecast for Q3.

In Q2, Enphase reported an adjusted EPS of $1.47 with revenue amounting to $711.1 million. Although the EPS exceeded the Street estimate of $1.27, the revenue figure fell short of the expected $725.5 million.

For the current quarter, Enphase projected revenues within the range of $550 million to $600 million, which is significantly below the Street estimate of $748 million.

In response to the disappointing results, at least two Wall Street analysts downgraded their rating on Enphase Energy shares. Wells Fargo downgraded the stock from Overweight to Equal Weight and adjusted the price target to $171.00 from $230.00. Similarly, Deutsche Bank downgraded the stock from Buy to Hold and lowered the price target to $165.00 from $200.00.