Piper Sandler Defending Sunrun (RUN), Upgrades to Overweight
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(Updated - April 16, 2021 6:19 AM EDT)
Piper Sandler analyst Kashy Harrison upgraded Sunrun (NASDAQ: RUN) from Neutral to Overweight with a price target of $77.00.
The analyst comments "Since the middle of February, solar stocks have come under significant duress due to a combination of rising interest rates, regulatory uncertainty associated with net energy metering in CA, a lack of imminent catalysts, and a remarkable 2020 run. The recent move lower in the equities, however, is somewhat of a head-scratcher. 10 year US Treasury yields have recently moved lower (not higher), the market has line of sight toward longterm federal policy support via the "America Jobs Plan," recent transactions highlight the group's advantaged cost of capital even within a rising interest rate environment, and CA utilities are unlikely to win the NEM battle. Given recent share price weakness (down 51% vs. the recent peak) coupled with a strong growth story associated with residential solar (20-25% MW in '21; 15% MW medium-term) and a management team with a history of value creation, we upgrade RUN to Overweight from Neutral."
Shares of Sunrun closed at $49.68 yesterday.
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