Citigroup upgrades Sunnova Energy, projects 160% increase in one-year target price

Citigroup (NYSE:) has upgraded Sunnova Energy International (NYSE:) from Neutral to Buy, setting an average one-year price target of $27.97 per share, a significant leap of 173.67% from Wednesday’s closing price of $10.22. The financial services group has projected a 4.99% growth in Sunnova’s annual revenue to $707 million, according to data sourced from Fintel.

The solar energy service provider, serving customers across US states and territories, is held by 485 funds or institutions. The average portfolio weight for Sunnova increased by 34.3%, with institutional shares up by 5.57% to 145,415K shares.

The put/call ratio for NOVA stands at a bearish 1.74, as per Citigroup. Major stakeholders BNP Paribas (OTC:) Asset Management Holding and Handelsbanken Fonder AB, holding 9.80% and 5.07% ownership respectively, along with Amundi representing a 4.41% ownership in the company have increased their portfolio allocations in NOVA.

InvestingPro data shows that Sunnova has a market cap of $1.24 billion.

Despite these challenges, Sunnova continues to strive towards powering energy independence as a leading residential solar and energy storage service provider. The advanced quantitative models used by Fintel predict a non-GAAP EPS of -1.26 for the company, further emphasizing the potential growth in the coming year.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.