Goldman Sachs analyst Brian Lee lowered the firm’s price target on Sunnova Energy to $17 from $23 and keeps a Neutral rating on the shares. Despite solid Q4 earnings and "generally upbeat" outlooks heading into 2023, solar and storage equities have underperformed in recent weeks due to increasing concerns around the financing environment and ongoing concerns around the sustainability of growth in the residential sector as macroeconomic uncertainty "continues to loom large," the analyst tells investors in a research note.
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