Sunrun price target lowered to $7.48 from $12.74 at GLJ Research

GLJ Research analyst Gordon Johnson lowered the firm’s price target on Sunrun to $7.48 from $12.74 and keeps a Sell rating on the shares based on the firm’s calculation of how much Sunrun paid for its recent $475M convertible bond due in March of 2030. Sunrun’s recent convertible bond cost about 15.4%, or 8.14% for the debt portion alone, and it is investing the funds into “assets” that generate about 3.7% returns, the analyst contends.