Sunnova (NOVA) PT Lowered to $9 at Baird

Baird analyst Ben Kallo lowered the price target on Sunnova (NYSE: NOVA) to $9.00 (from $12.00) while maintaining a Outperform rating.

The analyst commented: "We are lowering our price target to reflect greater uncertainty associated with ITC sales in light of the new US administration. Lowering price target to $9 (from previous $12). We apply a ~19x EV/EBITDA multiple on our 2025 estimates which we believe balances NOVA's growth profile and contracted customer base with a U.S. resi solar slowdown. While direct comps are limited, we note that NOVA's NCCV per share is ~$23."

You May Also Be Interested In

• Bumble Inc. (BMBL) PT Lowered to $3.20 at Citi
• Redwood AI acquires Quantum.IQ in an all-share deal
• Cellebrite (CLBT) PT Lowered to $15 at TD Cowen