Piper Sandler lowered the firm’s price target on Sunnova Energy to $14 from $26 to more closely align with the GAAP derived TBVPS, while keeping an Overweight rating on the shares. While the firm doesn’t believe Sunnova needs to raise corporate capital in 2024 for its current capex program, it does agree the company will need to refinance the 2026 maturities. However, Piper thinks Sunnova has time to address liquidity concerns before refinancing.
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