As previously reported, Jefferies analyst Julien Dumoulin-Smith upgraded Sunrun (RUN) to Hold from Underperform with a price target of $11, up from $5. With the One Big Beautiful Bill Act behind for now, the firm is upgrading Sunrun with a renewed sense of confidence driven by firmed up IRA providing visibility into outer years. Jefferies had downgraded the stock last month as pending IRA outcome looked tenuous at best, but now with the One Big Beautiful Bill Act signed and favorable to the company, the firm admits it “got it wrong (mea culpa!)” and reverses course. ITC runway through 2027 on solar and beyond 2030 on storage is favorable, adding +$6/share to DevCo valuation. Jefferies acknowledges questions persist as Sunrun pivots to storage and “Trump’s Executive Order earlier this week: Better than our worst cases feared.”
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