KeyBanc downgraded Sunnova Energy to Sector Weight from Overweight “despite an undemanding valuation” as part of a broader research note on Alternative Energy. The firm sees a challenging set-up heading into Q1 results as it takes a cautious stance on residential solar-levered names. KeyBanc further cites the lack of encouraging data points from the industry that would signal a “definitive inflection”, and it sees recovery remaining “elusive”, the analyst tells investors in a research note.
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