Selected stock price target news of the day - October 04, 2023

By: Matthew Otto

Sunnova Downgraded Amidst Solar Industry Headwinds and Rising Interest Rates

Sunnova Energy International recently experienced a downgrade from Truist Securities analyst Jordan Levy. On Wednesday, Levy revised the rating for Sunnova from Buy to Hold, accompanied by a reduction in the price target from $35 to $11. Simultaneously, Sunrun, another prominent player in the solar sector, also faced a downgrade from the same analyst, with its price target lowered from $30 to $12. The adjustments come amidst a broader market selloff in sustainability equities, fueled by renewed investor concerns about a sustained period of higher interest rates.

Analyst Jordan Levy’s research note highlighted the impact of the Federal Reserve’s 11 interest rate hikes on the solar industry, creating headwinds for companies like Sunnova and Sunrun. The note emphasizes the difficulties in maintaining steady profitability and margin improvement in the current economic climate, particularly for businesses involved in financing home improvement projects, such as solar panel installations.

Mixed Analyst Views for Sunnova

Truist Securities analyst Jordan Levy downgraded from Buy to Hold and lowered the price target from $35 to $11.
Raymond James analyst Pavel Molchanov maintained a Strong Buy rating and adjusted the price target downward from $30 to $25.

Which Analyst has the best track record to show on NOVA?

Analyst Christopher Souther (B.RILEY) currently has the highest performing score on NOVA with 4/12 (33.33%) price target fulfillment ratio. His price targets carry an average of $9.33 (37.77%) potential upside. Costco Wholesale stock price reaches these price targets on average within 73 days.

Zoom Ventures into Document Software

Zoom Video Communications, facing challenges in the aftermath of the pandemic-induced remote work surge, recently unveiled a strategic move to enhance its competitive position. At the Zoomtopia user conference in San Jose, the company announced the launch of Zoom Docs, a word processing application designed to rival Microsoft’s Word and Google Docs in the document creation software market. This follows Zoom’s previous expansion efforts into email, calendaring software, and other features to compete with Microsoft Teams.

The newly introduced Zoom Docs positions itself as a flexible AI-powered workspace tailored for the challenges of hybrid work. According to Zoom, the existing norms for document creation and collaboration fall short, and this move into document software aligns with the company’s vision to establish meetings as the core of document creation and collaboration. Zoom Docs is slated to be generally available to customers in 2024.

Divergent Analyst Views on Zoom

Benchmark analyst Matthew Harrigan Reiterated Buy rating and a $95 price target.
Stifel analyst Parker Lane Maintained a Hold rating and Lowered the price target from $75 to $70.

Which Analyst has the best track record to show on ZM?

Analyst Tyler Radke (CITI) currently has the highest performing score on ZM with 14/19 (73.68%) price target fulfillment ratio. His price targets carry an average of $8.45 (3.68%) potential upside. Zoom Video Communications stock price reaches these price targets on average within 17 days.