Maxim analyst Tate Sullivan lowered the firm’s price target on NeoVolta to $8 from $10 but keeps a Buy rating on the shares. The U.S. energy storage system market can grow faster than both the electric vehicle and solar market, but he is reducing his FY23 estimates due to new solar regulations in California, the analyst tells investors in a research note. Sullivan adds that the new net energy metering tariff in California, or "NEM 3.0", can lead to more homes installing solar panels at the same time as battery storage systems.
Published first on TheFly
