Raymond James says the selloff today in shares of Sunnova Energy “reflects the obviously unpleasant optics of this situation” after House Energy Committee Chair Cathy McMorris Rodgers sent a letter to Jigar Shah, Director of the Department of Energy’s Loan Programs Office, which referenced “disturbing” recent “credible reports that Sunnova has racked up numerous consumer complaints.” However, the firm sees “minimal risk of any consequences for the company (or Project Hestia) in a substantive sense,” and views today’s move as an “overreaction,” the analyst tells investors. Raymond James reiterates its Strong Buy rating and $25 price target on Sunnova shares, which are down $2.06, or 17%, to $10.35 in Friday afternoon trading.
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