Wells Fargo downgraded Sunnova Energy (NOVA) to Underweight from Equal Weight with a price target of 50c, down from $4. The firm cites a lack of visibility on how the company will address its 2026 debt maturities and reputational risk from the going concern language potentially impacting new originations for the downgrade. Wells forecasts Sunnova will generate “only” $150M per year of cash in 2025 and 2026, which it notes is well below the current market value of its debt maturing in 2026. The company has a funding deficit ranging from $280M to $700M, the analyst tells investors in a research note.
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