Beware of these 2 solar actions

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Piper Sandler handed out bear notes to Sunrun and Sunnova Energy today

Only a few weeks after Goldman Sachs bullish cover solar sector, Piper Sandler weighed in on two stocks today with bearish ratings after US President Joe Biden’s “Build Back Better” program failed to overcome resistance in Congress. The downgraded company Sunrun Inc (NASDAQ:RUN) and Sunnova Energy International Inc. (NYSE:NOVA) to ‘neutral’ from ‘overweight’, and also noted a risky cash flow outlook as economists continue to worry about a possible recession.

Additionally, Piper Sandler has reduced her price target on RUN and NOVA to $29 and $23, respectively. At dawn today, analysts were extremely bullish on both stocks, with 11 out of 13 calling Sunrun stock “buy” or better, while 12 out of 14 had the same sentiment on Sunnova stock. Energy.

Responding to the downgrade, Sunrun stock was last seen down 2.6% to trade at $23.70. The 150-day moving average has weighed on equity all year and recently halted an attempted rally in early July near the $27.50 level. Year-to-date, RUN is down 29.1%.

Meanwhile, Sunnova Energy stock is down 1.6%, trading at $19.42 at last check. The stock is also facing resistance at its 150-day trendline, which has thwarted rallies on several occasions over the past few months. Year over year, NOVA is down 40.6%.

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