Sunrun assumed with an Outperform at RBC Capital

RBC Capital assumed lead coverage of Sunrun with an Outperform rating and a price target of $15, down from $17. Higher interest rates have taken a toll on subscriber value, but the firm believes Sunrun continues to generate tangible customer value that is underappreciated and argues that differences in accounting, tax equity structures, and assumptions in non-GAAP asset value make direct comparison with peers “challenging and add to the confusion.”