Sunnova Energy price target lowered to $12 from $20 at Susquehanna

Susquehanna lowered the firm’s price target on Sunnova Energy to $12 from $20 and keeps a Positive rating on the shares. The firm updated their estimates for our residential solar coverage prior to the 1Q24 reports. they said their recent checks indicate that a rebound in resi solar demand is taking longer than expected to materialize, driven mostly by the NEM 3.0 transition weighing on CA volumes. As a result they lowered their 2014 U.S. resi installation growth forecast to -15% from -10%, which is relatively inline with recent industry forecasts.