Sunrun (RUN) PT Raised to 'Street High' $79 at BofA Securities on Record Low Cost of Debt

September 29, 2020 8:35 AM EDT
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Price: $23.11 --0%

Rating Summary:
    21 Buy, 2 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 19 | New: 10
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BofA Securities analyst Julien Dumoulin-Smith raised the price target on Sunrun (NASDAQ: RUN) to a 'Street High' $79.00 (from $51.50) while maintaining a Buy rating.

Dumoulin-Smith highlighted the latest asset-backed security (ABS) issuance for RUN’s post-consolidation resi solar PPA/lease assets, underscores "the record low cost of debt." As a result, the firm lowered its discount rates to 3.5% unlevered (4% prior) to reflect lower cost of capital.

The analyst noted that with a customer base of 500K+ post-consolidation, management expects to pursue upsell opportunities near-term. The firm sees opportunity through expressed ‘blend and extend’ contracts.



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