Analyst Andrew Percoco of Morgan Stanley maintained a Hold rating on Sunnova Energy International (NOVA – Research Report), retaining the price target of $0.85.
Andrew Percoco has given his Hold rating due to a combination of factors surrounding Sunnova Energy International. The recent announcement of a leadership change, with John Berger stepping down and Paul Mathews taking over as President and CEO, marks a significant shift in the company’s management structure. This transition comes at a time when Sunnova is experiencing considerable financial strain, particularly with its balance sheet.
Given the current challenges, including the anticipated complex debt refinancing or restructuring plan that the company aims to finalize by mid-2025, the Hold rating reflects a cautious stance. The management change is seen as a preliminary move towards addressing these financial issues, but the outcome remains uncertain. Investors are advised to consider these developments as part of their broader investment decision-making process.
In another report released yesterday, Jefferies also maintained a Hold rating on the stock with a $2.00 price target.
NOVA’s price has also changed dramatically for the past six months – from $10.560 to $0.509, which is a -95.18% drop .
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