Sunnova Energy rises as Jefferies initiates coverage with 'buy'

Sunnova Energy International

10/10/2024 11:14

** Shares of residential solar firm Sunnova Energy
International  NOVA.N  jump 5.1% to $7.22 premarket
    ** Jefferies initiates coverage of stock with "buy" rating
    ** New price target of $15 represents a 118% upside to
stock's last close
    ** Brokerage says residential solar continues to make a
recovery after a difficult 2023 resulted in a broad-based
slowdown across the industry
    ** Adds that the increase in full-year cash guide to $850
mln across 2024 to 2026 from $500 mln previously should reassure
those investors who questioned how exactly NOVA would generate
the cash to address $2 bln of maturities coming up in 2026-2028
    ** 16 of 24 brokerages rate the stock "buy" or higher, 8
"hold"; their median PT is $12 - LSEG data
    ** Up till last close, stock is down 54.95% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))