Truist analyst Jordan Levy upgraded Sunnova Energy to Buy from Hold with a price target of $18, up from $10. The firm forecasts fiscal 2023 customer additions for Sunnova to come in toward the high end of the company’s 135,000-145,000 target. Given the stock’s significant underperformance to start the year and still significant short interest, Truist sees potential for the shares to rally on the Q4 print should the company be able to provide confidence around its 2024 outlook, the analyst tells investors in a research note.
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