Northland lowered the firm’s price target on Sunnova Energy to $21 from $40 and keeps an Outperform rating on the shares. The firm is getting “incrementally negative” on the U.S. residential solar space amid the high interest rate environment and ensuing related slowdown in refinancing and existing home sales. However, the firm still believes the stock is set up for the long term and should rerate as the market sees signs of rate reversal, the analyst added.
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