Truist Securities lowers PT of solar companies hit by higher interest rates

Shoals Technologies

04/10/2023 16:44

** Truist Securities cuts PT of several U.S. solar companies
after recent sell-off in the sector due to high interest rates  
    ** Says residential solar has faced a difficult year as
rates and policy changes have hit U.S. growth and the trend
could continue into 2024 
    ** Adds that utility-scale solar firms have also not been
protected from the sell off as investors question the impact of
higher rates on deployments in large-scale projects 
    ** Brokerage also downgrades residential system installers
Sunrun  RUN.O  and Sunnova energy  NOVA.N  as market is no
longer rewarding outsized growth while companies continue to
compete in the "land grab" U.S. residential space
    ** Here are the PT and rating changes by Truist: 
    
 Company                 Rating      PT change 
 Sunrun  RUN.O           "hold"      $12 from
                         from "buy"  $30
 Sunnova  NOVA.N         "hold"      $11 from
                         from "buy   $35
 SunPower  SPWR.O        "hold", no  $6 from
                         change      $10
 SolarEdge Technologies  "buy", no   $180 from
  SEDG.O                 change      $210 
  Shoals Technologies    "buy", no   $25 from
  SHLS.O                 change      $30
 
 (Reporting by Sourasis Bose and  Aatreyee Dasgupta in
Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))