Investors should load up on shares of Enphase Energy , even if a recession may be on the horizon, Wells Fargo said Wednesday. Analyst Praneeth Satish named the solar inverters maker a top pick, recommending that any weakness in the stock be used as a buying opportunity. The analyst has a price target of $344 per share on Enphase, implying upside of 11.1% from Tuesday’s close. He also rates the stock as overweight. “ENPH’s growth is essentially ‘recession proof’ with global ESG mandates driving secular demand for solar. While ENPH trades at a steep premium, we view this premium as warranted, as 2023-24 Consensus estimates appear too low,” Satish said. Shares of Enphase have had a stellar year, rallying 69% in 2022. However, the stock dropped 7.8% on Tuesday, outpacing the losses seen in the broader market for the day. But Satish said this should be seen as a buying opportunity for investors. Satish said the company plans to double manufacturing of microinverters, which converts current power from solar panels to energy that can be used elsewhere, in the next year. That is ahead of consensus estimates, he said, and reflects how fast management believes the company can grow. That expansion also has upside potential, as an adjusted model with heightened capacity would lead to a 2024 revenue of $6.7 billion, 67.5% above the consensus estimate of $4 billion. Enphase expects to add between four and six microinverter manufacturing lines within the U.S. by the end of next year, he said. The onshoring could provide a boost of between $50 million and $250 through benefits from the Inflation Reduction Act. The analyst also said that the stock could reach $481 per share beyond 12 months. That implies upside of more than 55% from Tuesday’s close. “We recognize that ENPH’s premium valuation can only be sustained with continued beat and raises,” he said. “However, we believe ENPH is well positioned to continue this streak for at least the next 12 months.” — CNBC’s Michael Bloom contributed to this report.