Sunnova Energy price target raised to $35 from $28 at Truist

Truist analyst Jordan Levy raised the firm’s price target on Sunnova Energy to $35 from $28 and keeps a Buy rating on the shares. The company’s accelerated shift to lease/PPA structures, along with its financial and competitive benefits, gives the firm heightened confidence in both the near and longer-term set up for Sunnova story, the analyst tells investors in a research note. Shares are trading at a 20% discount to net contracted customer value, offering upside potential that meaningfully outweighs near-term downside risk, Truist added.