Sunrun downgraded to Market Perform at BMO on ‘elusive’ market rebound

As previously reported, BMO Capital analyst Ameet Thakkar downgraded Sunrun to Market Perform from Outperform with a price target of $12, down from $17. While the firm appreciates Sunrun’s cautious approach to residential solar growth compared with its rooftop solar peers, it argues that the company’s cut to its capacity growth outlook this late in the year “suggests a market rebound is elusive.” While investors focus on demand, BMO is concerned that the residential solar ecosystem “may start to show other stresses,” the analyst added.