Janney starts Sunnova Energy with a Buy rating, $33 fair value estimate

As previously reported, Janney Montgomery Scott analyst Thomas Meric initiated coverage of Sunnova Energy with a Buy rating and $33 fair value estimate. Sunnova is a U.S. residential solar installer and Meric expects its customer counts will grow "nicely above public peers for the next several years," with cumulative customers growing 44%, 42%, and 36% in 2022 through 2024, respectively. Sunnova’s treatment of customer loans and the associated impacts on revenue and its dealer model are the "two main characteristics that differentiate it from its peers," Meric added.