Oppenheimer Adjusts Estimates on Sunrun (RUN); Reiterates Outperform
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Oppenheimer reiterated an Outperform rating on Sunrun (NASDAQ: RUN), and raised the price target to $9.00 (from $8.00), following the company's 2Q earnings report. Oppenheimer adjusted revenue and GAAP EPS estimates to $143M and ($0.25), from $130.2M and ($0.34) for the 3Q, versus the consensus estimates of $132M and ($0.62).
Analyst Colin Rusch commented, "As RUN reported deployments and bookings ahead of expectations, we believe the company is benefiting from several structural advantages. First, we view the multichannel approach to deal sourcing, particularly leveraging its distribution business, as critical to its industry-leading NPV/W performance. Second, we believe its history as a finance entity has led to discipline around unit economics ahead of peers which we believe will drive investor returns. Last, but not least, we view its technology-agnostic approach is assisting the company’s ability to raise capital for deployments and back leverage on its portfolio. Notably, we expect the company to begin deploying string inverters with rapid shutdown capability later this year. We reiterate our Outperform rating and raise our PT to $9 (from $8)."
Shares of Sunrun closed at $5.41 yesterday.
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