Sunnova Energy price target lowered to $31 from $32 at B. Riley

B. Riley analyst Christopher Souther lowered the firm’s price target on Sunnova Energy to $31 from $32 and keeps a Buy rating on the shares. Uncertainty in the U.S. residential market following five years of strong growth has resulted in investor caution toward the space, resulting in divergence in company performance across the group, the analyst tells investors in a research note. The firm says commentary around demand, improvements in supply chains, and project delays are likely key to sentiment on the earnings calls as a whole. However, it would focus investor interest toward asset ownership business models where it believes "depressed valuations look quite attractive."