Citi lowered the firm's price target on Enphase Energy ( ENPH ) to $43 from $47 and keeps a Sell rating on the shares. The firm says it received multiple questions about what is priced into residential solar, potential for improvement to Inflation Reduction Act provisions in the Senate, and Enphase's valuation in various legislative scenarios. CIti believes the deficit is unlikely to increase further and that commentary from Senators indicates Medicaid is higher on the list of priorities. If the "One Big Beautiful Bill" is passed in its current shape, U.S. residential solar installs could be down 75% next year, the analyst tells investors in a research note. The firm says this will result in large scale business closures in residential solar, meaningfully slower pace of innovation due to reduced spending budgets, and difficult restructurings within companies.