As previously reported, Janney Montgomery Scott downgraded Sunrun to Neutral from Buy with a fair value estimate of $13, down from $20. The firm’s revised stance on shares reflects the view that U.S. residential solar demand is more uncertain than current expectations; tailwinds of lower equipment costs and higher ITC adders will be more subdued than previously expected; its view that the near-term translation of this potential demand will be more muted than the math appears on paper; and the contention that valuation and trading multiples are likely to remain depressed and below net earning assets for the near term. While the firm remains bullish on margins moving higher, it is “less confident in demand,” the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on RUN:
- Sunnova Energy downgraded to Market Perform from Outperform at Northland
- 3 Best Stocks to Buy Now, 2/23/2024, According to Top Analysts
- Sunrun Inc. Announces Pricing of Offering of $475 Million of Convertible Senior Notes
- Sunrun price target raised to $20 from $18 at BMO Capital
- Sunrun price target lowered to $27 from $31 at Piper Sandler