BMO Capital lowered the firm’s price target on Sunnova Energy to $6 from $10 and keeps a Market Perform rating on the shares. The company’s shares rallied 25% after its Q1 earnings call but then fell sharply on the news story that Sunnova retained a financial advisor to evaluate balance sheet strategy and address $975 MM in 2026 debt maturities, the analyst tells investors in a research note. The impact of Sunnova’s dealer network growth on capacity growth may wane over time, and the firm remains cautious around the uncertainty of the company’s cost of capital, BMO added.
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