UBS thinks it's time for investors to buy Sunnova Energy .
Analyst William Grippin initiated coverage of the residential solar company with a buy rating and a $16 price target, which implies shares could gain 52.8% from Friday's close.
Sunnova shares have struggled over the past year, losing more than 50%.
The federal government provides ITC, or investment tax credits , to advance solar energy adoption through efforts that offset the upfront costs of solar installations, making solar energy more accessible for businesses and individuals.
"However, on a 12-mo forward view, the residential solar market looks set for a recovery by 2H24, particularly if consumer funding costs ease."
Persons:
William Grippin, Grippin, Sunnova, — CNBC's Michael Bloom
Organizations:
UBS, Sunnova Energy, NOVA, ITC
Locations:
Friday's, 1H24