Sunnova Energy price target lowered to $9 from $10 at RBC Capital

RBC Capital lowered the firm’s price target on Sunnova Energy (NOVA) to $9 from $10 and keeps an Outperform rating on the shares as part of a broader research note previewing Q3 results in the U.S. Clean Energy sector. The current dynamics – including the election cycle, elevated current but expected lower future interest rates, changing trade policies and competitive environments – have produced mixed results, and the investor sentiment “remains bearish” on the space, the analyst tells investors in a research note. RBC also sees limited upside opportunity ahead of the November election and risk that is “largely to the downside” heading into earnings amid limited cash generation upside due to competition among solar installers and project delays for utility scale operators.