Sunnova Energy price target lowered to $10 from $12 at Citi

Citi analyst Vikram Bagri lowered the firm’s price target on Sunnova Energy (NOVA) to $10 from $12 and keeps a Buy rating on the shares as part of a Q3 earnings preview for the alternative energy sector. In residential solar, differing degrees of conservatism embedded in guidance for the quarter could lead to dispersion in performance, the analyst tells investors in a research note. The firm says a lack of a post-summer rebound in European residential solar is a factor to watch. Battery storage and domestic content orders “are likely the next battlegrounds,” adds the firm. Citi’s most preferred alternative energy names in a Democratic win in November are First Solar (FSLR), Array Technologies (ARRY) and Sunrun (RUN). Its most preferred in a Republican win are Generac (GNRC) and Oklo (OKLO).