Guggenheim raises price target for Sunnova Energy

Sunnova Energy International

13/08/2024 11:53

** Brokerage Guggenheim raises price target for the shares
of renewable energy firm Sunnova Energy  NOVA.N  to $14 from
$10, reiterates "buy" rating
    ** Says the company's recent difficulties, notably
brokerage's concerns regarding NOVA's plans to address its debt
maturities in 2026, led them to apply a high discount rate
    ** Says, "We believe the very high risk premia we are
applying to NOVA’s business are merited – we note that those
discount rates, and by implication our price target, could
change substantially if the company is able to navigate through
its current difficulties"
    ** The new price target represents a 111.5% upside to the
stock's last close
    ** 18 of 26 brokerages rate the stock "buy" or higher and 8
"hold"; their median PT is $12
    ** Up to last close, shares down 56.6% YTD

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))