The investment firm also affirmed a price target of $50 a share, indicating 28% upside potential from the stock's Tuesday closing price.
Raymond James suggests investors buy the recent stock-price dip, which it said was prompted by rising interest rates. The stock is down about 13% this year.
Sunnova Energy shares at last check were rising 4.7% to $41.02.
In other solar news, First Solar (FSLR) - Get First Solar, Inc. Report shares were higher after the company disclosed that it terminated a credit agreement with "several financial institutions" that was set to mature in July 2022.
JPMorgan Chase was the administrative agent for the credit agreement.
First Solar's revolving credit facility enabled the company to borrow as much as $500 million, and First Solar under certain conditions could raise that to $750 million.
The company said that as of June 30 it had no borrowings under the revolver.
Solar stocks got a boost last month after Stephens analyst Gail Nicholson published a positive commentary on the sector.
She saw the decline in solar-stock prices presenting a buying opportunity. The commitment to solar energy that companies and government have taken on will boost demand for solar power, she said, according to Bloomberg.
In May, Bank of America upgraded First Solar to buy from neutral on fundamentals and valuation.
First Solar’s first-quarter results topped analysts' estimates. The company earned $1.96 a share on revenue of $803 million. Analysts were expecting earnings of $1.03 a share on revenue of $785 million.
At last check First Solar shares were trading up 0.9% at $92.