Oppenheimer Believes Sunrun (RUN) Still Has Room to Grow


Oppenheimer analyst Colin Rusch maintained a Buy rating on Sunrun (RUN) today and set a price target of $19. The company’s shares closed yesterday at $16.60, close to its 52-week high of $17.44.

Rusch observed:

“RUN posted in-line deployments for 1Q19 while maintaining 2019 guidance. In addition, RUN is demonstrating its ability to maximize value capture per customer, which is reflected in its increase in NPV/W guidance in 2019. We believe the company continues to build value in its portfolio while maintaining optionality for incremental revenue streams including energy storage. We see CA as a potential test market for up-selling existing solar customers into battery systems particularly with battery prices coming lower and PG&E service interruptions on the horizon. In the meantime with electricity rates moving higher and solar prices moving lower, RUN’s addressable opportunity is growing while it remains the US leader from a scale and cost perspective. We remain constructive and reiterate our $19 PT.”

According to TipRanks.com, Rusch is a 5-star analyst with an average return of 12.4% and a 51.2% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Canadian Solar Inc, Fuelcell Energy, and SunPower Corp.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Sunrun with a $21 average price target.

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The company has a one-year high of $17.44 and a one-year low of $8.81. Currently, Sunrun has an average volume of 1.15M.

Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RUN in relation to earlier this year.

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SunRun, Inc. engages in the design, development, installation, sale, ownership and maintenance of residential solar energy systems. It sells solar service offerings and install solar energy systems for homeowners through its direct-to-consumer channel. It also offers plans such as monthly lease, full amount lease, purchase system, and monthly loan.

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