Mizuho trims solar firms PT on demand woes

Apr 19, 202413:15 UTC

** 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 ENPH	$148	$150	Buy
First Solar FSLR	$196	-	Buy
Sunnova NOVA	$17	$21	Buy
SunPower SPWR	$4	$5	Neutral
Sunrun RUN	$23	$28	Buy
Maxeon MAXN	$4	-	Neutral
Nextracker NXT	$59	$64	Buy
SolarEdge SEDG	$104	$106	Buy