Sunnova Energy price target lowered to $21 from $25 at BMO Capital

BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Sunnova Energy to $21 from $25 and keeps a Market Perform rating on the shares after its Q2 results. The firm “expected strong customer growth” as the company continues to expand its dealer network in a macro environment for U.S. residential that makes its platform increasingly attractive to installers, but despite raising its customer growth for the second consecutive quarter and outlining an earlier-than-expected 2024 growth target, BMO remains in neutral and awaits to see how Sunnova’s initial $500M of corporate financing is executed, the analyst tells investors in a research note.