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Sunnova Energy initiated with a Buy at Jefferies

Jefferies initiated coverage of Sunnova Energy with a Buy rating and $15 price target Sunnova “could be one of the best turnaround stories in our clean coverage,” says the analyst. After a challenging 2023, the $850M of estimated cash generation should allow Sunnova to reinforce its balance sheet and “dispel the naysayers,” while current trading levels imply a disconnect, leaving the firm convinced the market underestimates Sunnova’s turnaround, the analyst tells investors.

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