Analyst William Grippin initiated coverage of the residential solar company with a buy rating and a $16 price target.
UBS thinks it's time for investors to buy Sunnova Energy . Analyst William Grippin initiated coverage of the residential solar company with a buy rating and a $16 price target, which implies shares could gain 52.8% from Friday's close. "We see NOVA as well-positioned to take market share driven by increasing demand for third-party-owned residential solar systems which have relatively more favorable tax treatment under the Inflation Reduction Act," Grippin said in a Monday note.
mountain NOVA in past year Sunnova has a couple key catalysts, Grippin said. Those include the ongoing release of state-level solar approvals data and recognition of ITC additions on new installations, potentially in the second half of 2023. The federal government provides ITC, or investment tax credits , to advance solar energy adoption through efforts that offset the upfront costs of solar installations, making solar energy more accessible for businesses and individuals.
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