Piper Sandler lowered the firm’s price target on Sunrun to $15 from $22 and keeps a Neutral rating on the shares. The analyst says the “demand dichotomy” between utility and consumer end markets has persisted into Q3 earnings for the renewable and alternative energy space. Non-California markets may have found stability at lower levels, but NEM-2 backlogs within California are nearing exhaustion and the NEM-3 impact should become more apparent within forward guidance, the analyst tells investors in a research note. The firm struggles to see the residential developers sustainably rallying absent flat or declining rates.
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