Sunrun initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Sunrun (RUN) with a Buy rating and $21 price target The company is positioned to drive contracted subscriber value growth, supported by higher battery attachment and investment tax credit levels along with fixed cost absorption, through its scale and “leading” residential solar financier market share, the analyst tells investors in a research note. The firm says Sunrun will raise non-recourse debt against contracted subscriber value, providing confidence its 2025 cash generation targets are achievable.