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Residential solar stocks are finding a bottom and should see meaningful upside in 2024 after a brutal selloff last year, according to Truist Securities. Levy raised Sunnova's stock price target to $18, an increase of $8 over the previous target, implying 72% upside from Monday's close of $10.45. Solar inverter manufacturer Enphase may also gain momentum now that downside risks are largely already priced into the stock, Levy wrote. Levy raised Enphase's stock price target to $145, a $60 increase over his previous target, implying 35% upside over Monday's close. As part of the same call, Truist downgraded solid oxide fuel cell maker Bloom Energy to sell from hold and cut its price target to $9 from $12.
Persons: Jordan Levy, Levy, Truist, CNBC's Michael Bloom Organizations: Truist Securities, Sunnova Energy, Enphase Energy, Federal Reserve, NOVA, Bloom Energy
Tuesday's analyst calls include upgrades to two solar names and a downgrade to a key crypto stock. 7:05 a.m.: Citi increases Meta price target ahead of earnings Meta shares have more runway ahead, according to Citi. Analyst Kenneth Worthington downgraded the crypto exchange to underweight from neutral, reiterating his price target of $80. Analyst Jordan Levy upgraded Sunnova to buy from hold and raised his price target to $18 from $10. He upgraded Enphase Energy to buy from hold, moving his price target to $145 from $85.
Persons: Truist, Ronald Josey, Josey, — Pia Singh, TD Cowen, Jason Gabelman, Gabelman, Jefferies, Glen Santangelo, Teva, Cantor Fitzgerald, C.J, Muse, Kenneth Worthington, Worthington, Coinbase, — Fred Imbert, Jordan Levy, Levy Organizations: CNBC, Enphase Energy, Federal Reserve, JPMorgan, Citi, Meta, Exxon, Chevron, Cowen, Exxon Mobil, Teva Pharmaceuticals, Jefferies Investors, pharma, mdc, Nvidia, Energy, Sustainability Locations: buybacks, Teva, Monday's
Higher-for-longer interest rates could slam key solar energy stocks, according to Truist. The firm downgraded solar panel installers SunRun and Sunnova to hold from buy in a Wednesday note, and lowered its price targets to $12 and $11, respectively, from $30 and $35. Truist now forecasts roughly 13% upside for SunRun and 17% for Sunnova. Investors remain worried that the Federal Reserve could keep interest rates elevated for longer-than-expected, and also initiate less rate cuts in 2024. Levy pointed toward stocks including SolarEdge and Generac to ride renewable energy volatility as interest rate uncertainty persists.
Persons: Truist, Jordan Levy, Levy, — CNBC's Michael Bloom Organizations: Sunnova, Investors, Federal Reserve, Treasury, NOVA
Generator supplier Generac is primed for major gains ahead, according to Truist. The firm upgraded the stock to buy from hold on Friday. GNRC 5D mountain Generac this week But analyst Jordan Levy said investors shouldn't shy away from the stock. The analyst also pointed to potential upside compared to the firm's 2024 forecasts for growth thanks to pent up demand for home standby generators. Investment firm Janney also upgraded Generac to buy on Friday, citing improvements in free cash flow generation, an attractive valuation and potential upside from an analyst day in September.
Persons: Jordan Levy, Levy, Janney, — CNBC's Michael Bloom Organizations: Investment Locations: Thursday's
It's time to sell Generac amid greater macro challenges this year, according to Truist. Analyst Jordan Levy downgraded shares to hold from buy, saying higher interest rates and inflation hurt the outlook for the power generator maker. "Adjusting our ests to reflect a slower recovery in HSB & clean energy sales, we now forecast FY23 revs/EBITDA ~3%/~9% below the Street respectively," Levy added. Generac shares are higher this year, up 25% in 2023, outperforming the S & P 500's gain. On Friday, Wells Fargo downgraded the stock to equal from overweight , saying Generac could fall short of its 2023 guidance.
In Alphabet 's third-quarter earnings call last month, the company blamed a slowdown in revenue growth in part on reduced ad spending by cypto companies and other financial firms. A 30-second spot during the NFL's grand finale in February cost an average of $6.5 million, and crypto was a huge theme. Crypto.com's online ad spending plummeted from about $16.2 million in the first quarter to $1.6 million in the third, SensorTower said. The crypto market has suffered downturns in the past, only to bounce back and attract even greater sums of cash and new entrants. WATCH: FTX's bankruptcy puts increased pressure on the ad market
Shares of electric vehicle maker Rivian are set to surge, making now a good time for investors to buy, according to Truist. The firm on Wednesday initiated coverage of the company with a buy rating and a $65 price target. Shares of Rivian have declined roughly 66% year to date through Wednesday's close. What sets Rivian apart There are a few key things that Levy sees as positives for Rivian. "Rivian CEO RJ Scaringe has built the company from the ground-up while bringing together a team with expertise spanning the broad range of the company's business segments," Levy wrote.
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