Sunnova Energy price target lowered to $4.50 from $8 at Piper Sandler

Piper Sandler analyst Kashy Harrison lowered the firm’s price target on Sunnova Energy (NOVA) to $4.50 from $8 and keeps a Neutral rating on the shares. Interest rates remain elevated and Republicans will control the Presidency and Congress, which has resulted in “dismal” equity performance for the renewable and alternative energy group, the analyst tells investors in a research note. However, the firm sees a low probability of a “hard landing” on the Inflation Reduction Act as it pertains to power supply or manufacturing credits. Piper’s base case could be supportive of equity gains for utility-scale equipment leaders “once the dust settles.”