UPDATE: Citi Starts Sunlight Financial Holdings (SUNL) at Buy
- Tech mega-caps knock 1% off Nasdaq; banks lift Dow
- EV Company Polestar To Go Public Via $20 Billion SPAC Deal
- Amazon (AMZN) Price Target Lowered at Morgan Stanley Amid Rising Logistics Workforce Costs, Analyst Expects Stock to be Range Bound in Near Term
- Brent oil nears $80 a barrel on tight supply
- Some Apple (AAPL) and Tesla (TSLA) Suppliers Suspend Production in China For a Few Days
Citi analyst Arren Cyganovich initiates coverage on Sunlight Financial Holdings (NYSE: SUNL) with a Buy rating and a price target of $13.00.
The analyst comments "Our positive view of Sunlight Financial stems from a combination of increased underlying demand for residential solar products, an increased propensity to fund these projects with loans (SUNL’s business), and higher average loans as more consumers add on battery storage to their projects. Its business model operates without much credit risk as loans are funded on partner balance sheets and it earns an attractive fee by facilitating the loans and increasing sales activities for the installers. With strong expected growth in loan funding over the foreseeable future, we believe that SUNL will be able to expand its profitability and gain market share within residential solar financial. With substantial upside to our $13 target price we recommend shares at Buy."
Shares of Sunlight Financial Holdings closed at $8.11 yesterday.
You May Also Be Interested In
- UPDATE: Craig-Hallum Starts DMY Technology Group (DMYQ) at Buy
- Longfor Group Holdings Ltd (960:HK) (LNGPF) PT Lowered to HK$52 at CLSA
- Antibe Therapeutics Inc (ATE:CN) (ATBPF) PT Lowered to Cdn$5 at Canaccord Genuity
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!