Baird lowered the firm’s price target on Sunnova Energy to $12 from $14 and keeps an Outperform rating on the shares. The firm said the company is shifting focus from customer growth to cash position and cost reductions. The company reported Q1 results, which were mostly lower versus estimates, and more importantly lowered its customer growth outlook for full-year 2024 to increase its focus on profitability.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NOVA:
- Sunnova’s High-Stakes Solar Gambit: Navigating Uncertainty in a Maturing Market
- Sunnova Energy sees FY24 adjusted EBITDA $350M-$450M
- Sunnova Energy reports Q1 EPS (57c), consensus (73c)
- Sunnova Energy International Unveils Investor Insights and Management Changes
- Sunnova Energy options imply 19.5% move in share price post-earnings