Sunnova Energy downgraded to Neutral from Outperform at Mizuho

Mizuho downgraded Sunnova Energy (NOVA) to Neutral from Outperform with a price target of $1, down from $11. The firm cites the company’s going concern language and pending debt maturities in mid-2025 for the downgrade. Sunnova’s issued a going concern warning, likely a result of lower cash generation in Q4, term loan proceeds timing, and uncertainty over 2025 cash generation to help refinance 2026 debt later this year, the analyst tells investors in a research note. Mizuho says Sunnova’s cash generation remains uncertain after management withdrew guidance.