Sunnova Energy initiated with a Buy at Mizuho

Mizuho initiated coverage of Sunnova Energy with a Buy rating and $20 price target. Sunnova is among the top residential solar financing companies in the U.S. and has been growing above the market growth rate since its initial public offering in 2019, the analyst tells investors in a research note. The firm cites the company’s ability to capture market share in an adverse environment as the industry switches from loans to leases and its access to lower-cost capital from Department of Energy loan guarantees for the Buy rating.