Sunrun (RUN) NDR Shows EVs Adoption Doubles the Size of Needed Solar Capacity - Morgan Stanley
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Morgan Stanley analyst Stephen Byrd reiterated an Overweight rating and $86.00 price target on Sunrun (NASDAQ: RUN) after hosting a virtual roadshow with the management team. The analyst came away encouraged by the EV charging opportunity, demand for battery storage, and ability to maintain a low cost of capital.
The analyst sees the net implying that the EV opportunity is underappreciated by investors. He stated "The EV charging opportunity was at the center of a lot of our conversations this week, but we believe the market does not fully appreciate the incremental value creation opportunity that this represents. The company has highlighted that each electric vehicle added to a home requires ~3 KW of incremental solar capacity, on top of the ~7.2 KW system needed to support the home. If there are two EV's at the home, this would nearly double the average size of the system".
Shares of Sunrun closed at $39.63 yesterday.
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