KeyBanc Upgrades Sunrun (RUN) to Overweight, Give Four Reasons for Bullish Outlook

KeyBanc analyst Sophie Karp upgraded Sunrun (NASDAQ: RUN) from Sector Weight to Overweight with a price target of $27.00.

The analyst comments "We are upgrading RUN to Overweight with a $27 price target: Our upgrade is based on: 1) attractive valuation; 2) encouraging data from CA discussed on slide 10; 3) our view that residential solar companies have sufficient pricing power to execute in the higher interest rate environment; and 4) our macro view that we’re nearing the end of the tightening cycle. Our target NEA multiple range is 0.5-1x, which is fairly conservative given the existing macro backdrop, and translates into an $18-$35 valuation range, implying attractive risk-reward at these levels. Our price target is the average of the range at $27."

For an analyst ratings summary and ratings history on Sunrun click here. For more ratings news on Sunrun click here.

Shares of Sunrun closed at $20.56 yesterday.

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