BUZZ-Mizuho trims solar firms PT on demand woes

Reuters04-19

** Brokerage Mizuho Securities cuts price target $(PT)$ on several solar companies as it expects residential solar additions to be down in Q1

** Says slowdown in 2024 is driven by slower-than-expected demand recovery due to higher financing costs

** Slower California recovery (in demand) in 1H24 is pointing to a Q2 trough in solar installs vs prior expectations of a Q1 trough; this impacts residential solar developers more as it slows project construction velocity - Mizuho

** Following PT changes were made by the brokerage:

Company New PT Old PT Rating

Enphase $148 $150 Buy

First Solar $196 - Buy

Sunnova $17 $21 Buy

SunPower $4 $5 Neutral

Sunrun $23 $28 Buy

Maxeon $4 - Neutral

Nextracker $59 $64 Buy

SolarEdge $104 $106 Buy

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))

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