As previously reported, Guggenheim downgraded Array Technologies (ARRY) to Neutral from Buy and removed the firm previous $12 price target on the shares. The firm also downgraded Sunnova Energy (NOVA) to Neutral from Buy and downgraded Sunrun (RUN) to Neutral from Buy with no price targets on their shares. In assessing Tuesday’s election outcome, the firm believes that investors need to reconsider the level of risk associated with investing in energy transition equities, particularly with respect to potential policy and trade outcomes. However, it adds that it does see opportunities for companies with strong competitive positions, U.S.-based manufacturing and no requirements for accessing capital markets, and as such the firm reiterates Buy ratings for Itron (ITRI), Nextracker (NXT) and First Solar (FSLR) with price targets of $135, $55 and $335, repectively.
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