Raymond James Upgrades Sunnova Energy To Strong Buy, Still Sees 28% Upside

July 7, 2021 10:23 AM | 29 seconds read | Make a Comment

Raymond James analyst Pavel Molchanov upgraded Sunnova Energy International Inc NOVA to Strong Buy from Outperform.
Molchanov reiterated the price target of $50, citing the stock's "irrational" underperformance. The price target still signifies a 27.6% upside.
Sunnova's cost of capital is well below the 6% "rule of thumb" used in the solar leasing space. It has been getting better financing terms in 2021 than one and two years ago, Molchanov's research note stated.
Price action: NOVA shares traded higher by 1.90% at $39.93 in the market session on the last check Wednesday.