Sunrun price target raised to $15 from $10 at Truist

Truist raised the firm’s price target on Sunrun to $15 from $10 and keeps a Hold rating on the shares as part of a broader research note on Solar and Alternative Fuels names. Industry expectations driven by low rates and a global focus on energy availability have fallen back to earth in 2023, taking shares with it, but while the volatility remains, there is also meaningful upside opportunity moving into the Fed rate cut cycle, particularly for the residential solar group, the analyst tells investors in a research note. For Sunrun, Q4 represents the first quarter following the company’s announcement of strategic pivot to a storage-first company, for which Truist expects to witness some initial success resulted from such transition including growth in subs count, improvement in storage attach rate and potentially higher Net Subscriber Value, the analyst added.