Sunnova Energy price target lowered to $9 from $17 at RBC Capital

RBC Capital analyst Christopher Dendrinos lowered the firm’s price target on Sunnova Energy to $9 from $17 but keeps an Outperform rating on the shares. The firm is adding a Speculative Risk designation to the stock to reflect expected share volatility and uncertainty in its forecast as Sunnova pivots its focus to cash generation, though it also remains positive on shares pending additional details on the company’s cost-cutting measures and potential asset monetizations, the analyst tells investors in a research note.