Sunnova Energy price target lowered to $18 from $29 at Barclays

Barclays analyst Christine Cho lowered the firm’s price target on Sunnova Energy to $18 from $29 and keeps an Overweight rating on the shares. The analyst believes Sunrun and SunPower are tracking to miss their 2023 guides while Sunnova will likely lower its 2024 customer growth outlook. While tier 1 solar players are positioned to gain share, overall volumes will likely to remain soft and margins won’t see notable improvement until inventories are worked down, the analyst tells investors in a research note.