- Raymond James analyst Pavel Molchanov upgraded Sunnova Energy International Inc NOVA to Strong Buy from Outperform.
- Molchanov reiterated the price target of $50, citing the stock's "irrational" underperformance. The price target still signifies a 27.6% upside.
- Sunnova's cost of capital is well below the 6% "rule of thumb" used in the solar leasing space. It has been getting better financing terms in 2021 than one and two years ago, Molchanov's research note stated.
- Price action: NOVA shares traded higher by 1.90% at $39.93 in the market session on the last check Wednesday.
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