![]() ![]() Despite these challenges, there is still potential for NOVA to achieve customer growth and maintain contract margins, but the upcoming financings and overall market conditions may impact the stock performance in the short term. and the company’s limited exposure to international markets. In conclusion, the downgrade of Sunnova Energy International Inc by BMO Capital is driven by concerns over the challenging residential solar market in the U.S. During the last market session, Sunnova Energy International Inc’s stock traded between 21.83 and 22.90. Sunnova Energy International Inc is down 5.05 from its previous closing price of 22.58. The downgrade by BMO Capital and the lowered price target likely contributed to the decrease in the stock price. As of July 21, 2023, 4:01 PM CST, Sunnova Energy International Inc’s stock price was 21.44. This reflects a less optimistic outlook for the company’s financial performance in the coming year.Īs of the last check on Friday, NOVA shares were trading lower by 5.5% at $21.33. In light of these factors, the analyst has revised the 2023 earnings per share (EPS) estimate for NOVA to $(1.54) from $(1.49). This indicates that despite the challenges, the company has the potential to sustain positive customer growth and profitability. However, Thakkar does acknowledge that NOVA has the ability to continue driving attractive customer growth across various interest rate cycles while maintaining contract margins. The analyst also mentions that residential solar stocks have historically weakened in response to news of debt issuances, and he remains cautious that upcoming financings may further weigh on NOVA’s stock performance. This indicates potential challenges in expanding its business in a market that is facing difficulties. Thakkar notes that future additions to NOVA’s dealer count, which currently stands at around 1,400 as of the first quarter of 2023, may result in lower capacity growth per dealer. and NOVA’s comparatively lower exposure to international markets compared to its peers. This downgrade is based on Thakkar’s bearish outlook on the challenging residential solar market in the U.S. Key Insights The projected fair value for Sunnova Energy International is US21.04 based on Dividend Discount Model. BMO Capital analyst Ameet Thakkar has downgraded Sunnova Energy International Inc (NYSE:NOVA) to Market Perform from Outperform with a lowered price target of $25, down from $27. On Thursday, Maheshwari recommended buying the clean energy stock and said it had upside to 42 a 90 premium on its current price. ![]()
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