ENPH is facing headwinds from multiple directions.
After a few years of sky high valuations, it is being looked at with fundamentals. Current PE of 30, so we could reasonably fall to a PE of 20 if the broader market crashes or if the CleanTech bubble (continues to) pop.
Either 10% down from here ~$108 or 50% down from here ~$59 are plausible IMO.
I like what these guys do, but I'm going to be cautiously on this one.