Roth Capital analyst Philip Shen reiterated a Buy rating on Sunnova Energy (NOVA), called the stock a 2020 top pick, and raised his price target on shares to a Street-high $26 from $19 following the company's "healthy" Q4 results. The analyst noted that Sunnova increased its FY20 guidance "substantially" and is now expecting customer growth at the midpoint of 58% year-over-year, better than prior guidance of 38% year-over-year. Shen sees upside to Sunnova shares as he expects the market to "reward the company with a premium multiple as it grows substantially faster than the industry."

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Mizuho lowered the firm's price target on Sunnova Energy to $17 from $21 and keeps a Buy rating on the shares. The firm's Q1 clean estimates are mostly in line with company guidance and consensus, saying most companies reset expectations on the Q4 earnings call and had good visibility for the quarter. The analyst says Mizuho's most significant change in its quarterly preview is regarding Q2 results for the residential solar and inverter names. The firm expects Q2 installs to be down quarter-over-quarter verses consensus assuming a Q1 trough, based on permitting data which show Q2 MWs down 7% quarter-over-quarter. Mizuho's sector preference for utility solar over residential solar is unchanged.

Wells Fargo upgraded First Solar to Overweight from Equal Weight with a price target of $250, up from $187. The firm says that as the solar sector continues to struggle due to several headwinds, it is getting more defensive with its ratings. Wells upgrade First Solar due to its relative stability and several potential catalysts. The firm downgraded Sunnova Energy (NOVA) as interest rates may stay higher for longer. First Solar is sold out through 2026, which provides near-term earnings stability, the analyst tells investors in a research note. The firm also sees a number of potential catalysts on the horizon from the lifting of bifacial exemptions, further trade barriers on Chinese panels, restricting Inflation Reduction Act credits and a potential Trump presidency.