Sunnova Energy price target lowered to $13 from $23 at Piper Sandler

Piper Sandler analyst Kashy Harrison lowered the firm’s price target on Sunnova Energy to $13 from $23 and keeps a Neutral rating on the shares. The analyst says the “demand dichotomy” between utility and consumer end markets has persisted into Q3 earnings for the renewable and alternative energy space. Non-California markets may have found stability at lower levels, but NEM-2 backlogs within California are nearing exhaustion and the NEM-3 impact should become more apparent within forward guidance, the analyst tells investors in a research note. The firm struggles to see the residential developers sustainably rallying absent flat or declining rates.