UPDATE: Stephens Starts Sunnova (NOVA) at Overweight, 'Expect Future Market Share Capture'
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(Updated - June 24, 2021 4:34 PM EDT)
Stephens analyst Gail Nicholson initiates coverage on Sunnova (NYSE: NOVA) with a Overweight rating, PT $56.00.
The analyst comments "Sunnova (NOVA) is a leading residential solar and energy storage service provider, serving over 116,000 customers in 25+ U.S. states and territories with a differentiated residential solar dealer model that enables the company to leverage dealers’ specialized knowledge, connections and experience in local markets. We anticipate solid U.S. residential PV and battery growth over the next several years (we expect 13-14.5 GW of U.S. residential PV capacity additions over the ’21-23 time frame), providing an attractive market for future growth. We estimate NOVA accounted for ~6.9% of the ’20 MW additions and based on our growth assumptions we are modeling NOVA should account for ~10.5%/~13.6% of annual MW additions in ’21/’22. In 1Q21, number of services per customer approximated 3.7 (flattish q/q) and NCCV (net contracted customer value) per customer was just over $15,500 (up ~10% y/y)."
Shares of Sunnova closed at $37.67 yesterday.
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