Sunnova Energy downgraded to Hold from Buy at Truist

Truist downgraded Sunnova Energy (NOVA) to Hold from Buy with no price target The firm previously expected Sunnova’s progress in driving higher ITC utilization rates to provide cash generation needed to give confidence in the ability to address 2026 maturities, but following a “disappointing” Q4 it now sees “a more challenging path toward regaining investor confidence,” the analyst says. Any actual IRA policy changes still loom over future cash generation potential, while the firm believes the going concerns language in the company’s recent filing could create headwinds from both an origination and capital markets perspective, the analyst added.