Sunnova Energy initiated with a Hold at TD Cowen

TD Cowen analyst Jeff Osborne initiated coverage of Sunnova Energy (NOVA) with a Hold rating and $5 price target The firm is encouraged by management’s strategy to maximize cash generation. However, Sunnova’s corporate debt maturities in 2026 “create a sense of urgency” on achieving its cash generation guidance starting in Q4 and likely to remain an overhang with the story now tied to execution, the analyst tells investors in a research note. The firm says the medium-term investment tax credit uncertainty also contributes to its cautious view on the shares.