Sunnova Energy downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Brian Lee downgraded Sunnova Energy (NOVA) to Neutral from Buy with a price target of $1, down from $10. The company’s Q4 earnings included the removal of cash generation guidance and the addition of going concern language, the analyst tells investors in a research note. The firm says the Neutral rating more accurately reflects the near-term uncertainty of Sunnova as it seeks to find a resolution to its 2026 corporate debt by mid-2025. Goldman sees some risk to this timeline and views the lack of cash generation guidance as weighing on the stock’s risk/reward setup.