Baird Starts Sunnova (NOVA) at Outperform
Baird analyst Ben Kallo initiates coverage on Sunnova (NYSE: NOVA) with a Outperform rating and a price target of $15.00.
The analyst comments "NOVA is a residential solar and energy storage service provider serving ~68k customers across 20+ U.S. states and territories. We see a path to long-term customer and top-line growth, enabled by a growing resi solar market, additions to NOVA’s dealer network, and introduction of new products. Additionally, we think the reliance on a 100% dealer model could be a key differentiating factor, reducing overhead costs and potentially enabling operating leverage."
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Shares of Sunnova closed at $11.21 yesterday.