UPDATE: Guggenheim Starts Sunnova (NOVA) at Buy

Guggenheim analyst Joseph Osha initiates coverage on Sunnova (NYSE: NOVA) with a Buy rating and a price target of $51.00.

The analyst comments "NOVA should be able to continue to add subscribers as the company moves into new markets. There are also additional opportunities to expand value per subscriber. Growing storage attach rates are the most important factor. Of course selling or leasing storage hardware to a customer creates value, but turning a residential solar power system into a dispatchable power asset has profound implications. We think that we are just at the beginning of a major shift, with home resilience, grid services, neighborhood microgrids and additional services driving incremental revenue."

For an analyst ratings summary and ratings history on Sunnova click here. For more ratings news on Sunnova click here.

Shares of Sunnova closed at $28.69 yesterday.

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