Roth Capital Reiterates Buy Rating on Sunnova (NOVA) After Securing Capacity
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Roth Capital analyst Philip Shen reiterated a Buy rating and $65.00 price target on Sunnova (NYSE: NOVA) after the company announced it had secured a position of 85MW of capacity in the recent ISO-New England Forward Capacity Auction.
The analyst stated "We believe the win represents the first time NOVA has secured a capacity market position, but is also the largest distributed renewables capacity market win to date. We believe NOVA's high growth rate and resulting scale enabled the win, which could drive as much as 33c/W of value over 20 years".
Shares of Sunnova closed at $44.90 yesterday.
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