Sunrun price target lowered to $35 from $55 at Roth MKM

Roth MKM analyst Philip Shen lowered the firm’s price target on Sunrun to $35 from $55 but keeps a Buy rating on the shares. The company’s material guidance cut was driven by weaker-than-expected CA business, the transition to “storage first,” discipline in the affiliate channel, and higher rates, the analyst tells investors in a research note. The firm adds however that it remains bullish and continues to expect share gain and value creation given the company’s differentiated positioning.