Sunnova Energy price target lowered to $17 from $20 at RBC Capital

RBC Capital analyst Elvira Scotto lowered the firm’s price target on Sunnova Energy to $17 from $20 and keeps an Outperform rating on the shares. The analyst cites the company’s “mixed” Q3 results with higher customer additions than expected by RBC and consensus, but lower EBITDA. The firm further cites Sunnova continuing to increase prices to offset rising interest rates while noting that declining equipment prices provide a tailwind.