Truist analyst Jordan Levy lowered the firm’s price target on Sunnova Energy to $9 from $16 and keeps a Buy rating on the shares. The company’s upcoming earnings print and call will need to demonstrate decisive cost-savings and liquidity enhancing changes being made to boost investor confidence on Sunnova’s go-forward trajectory, the analyst tells investors in a research note. These initiatives become increasingly important as investors price in a “higher-for-longer” rate environment as a headwind for a U.S. solar residential recovery, the firm added.
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