Sunnova Energy initiated with a Buy at Citi

Citi analyst Ryan Levine initiated coverage of Sunnova Energy with a Buy rating and $26 price target. Sunnova is currently a U.S. residential solar power financing platform that is positioned to benefit from rising utility customer bills, Inflation Reduction Act support for solar, its "strong" balance sheet and ability to leverage its platform to expand into new product and services, Levine tells investors in a research note. He says the stock’s risk/reward tradeoff is tilted toward the positive.