Sunnova Energy price target raised to $27 from $25 at BofA

BofA analyst Julien Dumoulin-Smith raised the firm’s price target on Sunnova Energy (NOVA) to $27 from $25 and keeps a Buy rating on the shares, citing growth revisions and tax credit benefits flowing into future margins for its raised target. Given the stock’s year-to-date performance in excess of 35% over its closest peer Sunrun (RUN), BofA sees Q2 as “a clear test of NOVA’s momentum,” but it believes that growth ahead of market trends will allow Sunnova to “deliver an upbeat message” and the firm raised its core solar growth estimate to 26% for FY23.