Sunnova Energy downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Ameet Thakkar downgraded Sunnova Energy to Market Perform from Outperform with a price target of $25, down from $27. The company continues to drive attractive customer growth across the interest rate cycle while maintaining contract margins, and it also has significantly less exposure than peers to California NEM 3.0 as growth slows in the state, the analyst tells investors in a research note. However, the firm believes these positives are increasingly reflected in the stock price relative to peers as Sunnova shares have outperformed peers year-to-date.