Sunnova Energy price target lowered to $10 from $20 at Scotiabank

Scotiabank analyst Tristan Richardson lowered the firm’s price target on Sunnova Energy to $10 from $20 and keeps an Outperform rating on the shares. Clean technologies stocks have notably underperformed compared to the broader market year-to-date, the analyst tells investors. However, the firm speculates these stocks are nearing a bottom in business fundamentals as inventory channel clearings are nearly complete and electric utility power prices continue to rise.