Sunrun price target lowered to $49 from $70 at Oppenheimer

Oppenheimer analyst Colin Rusch lowered the firm’s price target on Sunrun to $49 from $70 and keeps an Outperform rating on the shares. With the company delivering strong Q4 results and guiding to 10%-15% annual MW deployment growth in 2023 while adjusting to 6% discount rate for its subscriber value capture and asset value calculations, the firm expects a mixed reaction from investors. Oppenheimer believes MW growth guidance is better than feared but that financing rates fluidity is driving ongoing uncertainty of value capture for Sunrun.