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