Northland analyst Donovan Schafer lowered the firm’s price target on Sunnova Energy to $4 from $9 and keeps a Market Perform rating on the shares. Sunnova reported a Q1 revenue miss, but was able to offset weak fundamentals and hold adjusted EBITDA close to estimates thanks to ITC sales. In addition, Sunnova cut 2024 customer additions guidance about 24% at the midpoint, but reaffirmed guidance for key financial metrics, which the firm believes is partly due to a pivot away from non-solar loans.
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