UBS initiated coverage of Sunnova Energy with a Buy rating and $16 price target. The analyst sees the company as well positioned to take market share, driven by increasing demand for third-party-owned residential solar systems which have relatively more favorable tax treatment under the Inflation Reduction Act. The 50% one-year decline in Sunnova shares, driven by near-term market growth concerns and rising rates, provides an opportunity on a 12-month forward basis, the analyst tells investors in a research note.
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