Sunnova Energy price target lowered to $10 from $14 at Morgan Stanley

Morgan Stanley analyst Andrew Percoco lowered the firm’s price target on Sunnova Energy (NOVA) to $10 from $14 and keeps an Equal Weight rating on the shares. The firm is updating its model to reflect the company’s most recent guidance, which includes lower non-solar customer growth. The firm sees a more challenged near-term catalyst path across residential solar stocks, other than its “favored way to play residential solar,” Sunrun (RUN), given ongoing balance sheet challenges it sees at both Sunnova and SunPower (SPWR).