Mizuho trims solar firms PT on demand woes

Nextpower

19/04/2024 14:15

** Brokerage Mizuho Securities cuts price target (PT) on
several solar companies as it expects residential solar
additions to be down in Q1 
     ** Says slowdown in 2024 is driven by slower-than-expected
demand recovery due to higher financing costs 
     ** Slower California recovery (in demand) in 1H24 is
pointing to a Q2 trough in solar installs vs prior expectations
of a Q1 trough; this impacts residential solar developers more
as it slows project construction velocity - Mizuho
    ** Following PT changes were made by the brokerage:
    
 Company                New PT      Old PT      Rating
 Enphase  ENPH.O        $148        $150        Buy
 First Solar  FSLR.O    $196        -           Buy
 Sunnova  NOVA.N        $17         $21         Buy
 SunPower  SPWR.O       $4          $5          Neutral
 Sunrun  RUN.O          $23         $28         Buy
 Maxeon  MAXN.O         $4          -           Neutral
 Nextracker  NXT.O      $59         $64         Buy
 SolarEdge  SEDG.O      $104        $106        Buy
 
    
    
    
    
    

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))