Roth MKM downgraded Sunnova Energy (NOVA) to Neutral from Buy with a price target of 80c, down from $20. The company did not deliver on its cash generation goal for 2024 and removed its cash generation targets for 2025 and 2026, the analyst tells investors in a research note. Further, Roth points out Sunnova now has a “going concern” language in place. The firm downgrades the shares until the company’s money owed to dealers is largely caught up and it can regain the trust of its dealers to reestablish originations.
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