Sunrun price target lowered to $12 from $17 at UBS

UBS analyst Jon Windham lowered the firm’s price target on Sunrun (RUN) to $12 from $17 and keeps a Buy rating on the shares. The U.S. House budget bill, passed on May 22, eliminates the Investment Tax Credit for residential solar systems, a critical cost offset for the industry that enables homeowners to reduce their electricity costs with rooftop solar systems, the analyst tells investors in a research note. There is the potential for revisions in the U.S. Senate and is possible that a final bill does not pass, the firm says.