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Sunnova Energy initiated with a Buy at Roth Capital. Roth Capital analyst Philip Shen started coverage of Sunnova Energy with a Buy rating and a $15 price target. Compared with peers, the analyst believes Sunnova has a differentiated model, which does not conduct any installations and is a pure-play service company supporting installer/dealers. Shen thinks Sunnova is well-positioned to grow with its dealer base and gain share, and forecasts the company to grow its customers at a near 30% CAGR through 2022 versus his residential market growth forecast of 15%-20%.

Sunnova Energy initiated with an Outperform at Baird. As reported previously, Baird analyst Ben Kallo initiated Sunnova Energy with an Outperform rating as he sees a path to long-term customer and top-line growth, enabled by a growing residential solar market, additions to its dealer network, and introduction of new products. Skorney has a $15 price target on Sunnova Energy shares.

Credit Suisse bullish on Sunnova Energy, initiates with an Outperform. As previously reported, Credit Suisse analyst Michael Weinstein initiated Sunnova Energy with an Outperform and $14 price target. The analyst believes the company differentiates itself from peers with a sales model that relies entirely on independent dealer relationships and third-party installation, an opex-lean approach that capitalizes customer acquisition costs without in-house install or sales-lead generation expense. In addition to the core business of selling, financing, and leasing systems, solar energy credits, batteries, and eventually grid services add additional value, he contends.

KeyBanc bullish on Sunnova Energy, initiates with an Overweight. As previously reported, KeyBanc analyst Sophie Karp initiated Sunnova Energy (NOVA) with an Overweight and $13 price target. The analyst notes that shares of Sunnova lie somewhere in between Vivint Solar (VSLR) and Sunrun (RUN) in terms of the margin of safety, since the net value of Sunnova's existing portfolio of assets amounts to about $9/share. Karp believes Sunnova boasts the most significant operating leverage owing to its dealer-only operating model, and expects it to grow aggressively in the 2019-2020 time-frame.