As previously reported, Janney Montgomery Scott downgraded Sunnova Energy to Neutral from Buy with a $12 fair value estimate. Many investors are focused on potential dilution or liquidity impacts related to the company’s strategy for its 2026 convertible notes, but the firm thinks there is still a healthy amount of time to refinance or pay down the notes, the analyst tells investors. However, its 2024 and 2025 estimates are both below current Street estimates and company guidance as it sees a “difficult and uncertain demand environment,” especially beyond the second half of 2024.
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