Northland downgrades Sunrun, says ‘storage first’ makes it ‘show me first’ story

As previously reported, Northland analyst Abhishek Sinha downgraded Sunrun to Market Perform from Outperform with a price target of $12, down from $31, after the company reported a Q3 revenue miss and significantly lowered its fiscal year growth guidance for Solar Capacity Installed. Sunrun said it is making a strategic shift to now heavily focus on “storage first,” but the firm believes such “a sudden and arguably delayed strategy” will further depress bottom line in the near-medium term and would prefer to be on the sidelines for what it now calls a “show me first” story.