Residential Solar Market Struggles: Analyst Highlights Policy Shifts And Rates Curbing US Growth
Portfolio Pulse from Lekha Gupta
Truist Securities analyst Jordan Levy has downgraded Sunrun Inc (RUN) and Sunnova Energy International, Inc (NOVA) to Hold from Buy, and lowered their price targets. The price target for SunPower Corp (SPWR) was also cut, but its Hold rating was maintained. Levy believes the residential solar market has been impacted by rates and policy changes curbing U.S. growth, and expects this trend to continue into 2024. However, he is bullish on the long-term outlook for the home electrification and resiliency market.
October 04, 2023 | 6:41 pm
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NEGATIVE IMPACT
Sunnova Energy International, Inc has been downgraded to Hold from Buy, and its price target has been lowered to $11 from $35.
The downgrade and price target cut by the analyst could negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Sunrun Inc has been downgraded to Hold from Buy, and its price target has been lowered to $12 from $30.
The downgrade and price target cut by the analyst could negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The price target for SunPower Corp has been cut to $6 from $10, but its Hold rating was maintained.
The price target cut by the analyst could negatively impact the stock price in the short term, even though the Hold rating was maintained.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100