Sunrun transferred with a Market Perform at Northland

Northland transferred coverage of Sunrun and is maintaining a Market Perform rating with a $12 price target heading into the company reporting Q4 results after the close today. With the U.S. residential solar market struggling, the company could see lower-than-expected Q4 results and lower-than-expected guidance for 2024, but it will be “hard to pin down what exactly constitutes better- or worse-than-expected results” due to Sunrun’s new “storage-first” strategy, the analyst tells investors as the firm transferred coverage.