Sunnova Energy price target lowered to 85c from $4 at BMO Capital

BMO Capital analyst Ameet Thakkar lowered the firm’s price target on Sunnova Energy (NOVA) to 85c from $4 and keeps a Market Perform rating on the shares. The company has missed an opportunity in Q3 of 2024 to preemptively address its FY26 maturities when its equity and its unsecured debt was much stronger, but now the uncertainty for residential solar industry is increasing, even excluding potential fate of the Inflation Reduction Act, the analyst tells investors in a research note. Sunnova finds itself in unenviable position of adding going-concern language and retaining an advisor for potential liability-management strategy, the firm adds.