UPDATE: Barclays Upgrades Sunrun (RUN) to Overweight
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(Updated - November 22, 2016 9:58 AM EST)
Barclays upgraded Sunrun (NASDAQ: RUN) from Equalweight to Overweight with a price target of $7. Analyst Jon Windham tied the upgrade to strong Q3 results, model changes, and potential to take market share.
"We are being opportunistic as we see potential for RUN to take market share near-term given the expected scaled-back operations at SCTY following completion of the merger with TSLA that was approved by shareholders on 17 Nov 2016. While RUN remains a high risk/high reward investment, in our view, we feel investors have already priced in a significant amount of negative sentiment with shares trading down 25% over the last month. We believe shares are attractive at the current valuation for investors looking for exposure to residential solar," said Windham.
The analyst added, "RUN management increased deployment guidance by 4% at the midpoint, to 285MW for FY2016. We tweak our model to incorporate the increase in expected deployments and a slight increase to our previous installed cost estimates. We now expect 2016/2017/2018 deployments of 284MW/369MW/462MW from 274MW/356MW/445MW previously."
Shares of Sunrun closed at $4.82 yesterday.
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