In a report released yesterday, Michael Blum from Wells Fargo maintained a Buy rating on Sunrun, with a price target of $8.00.
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Michael Blum has given his Buy rating due to a combination of factors that suggest a positive outlook for Sunrun. Despite potential uncertainties related to new executive orders and Treasury guidance, the overall legislative environment appears favorable for the company. The final version of the OBBB legislation is seen as beneficial, although there may be some short-term performance impacts until further clarity is provided by the Treasury.
Sunrun has demonstrated confidence in meeting compliance requirements, particularly concerning foreign entity of concern and domestic content qualifications, which have been areas of investor concern. Additionally, the company anticipates stable or slightly increased installation volumes, even amidst broader challenges in the residential solar sector. This resilience, combined with strategic financial planning, supports the positive rating by Michael Blum.
Blum covers the Energy sector, focusing on stocks such as Kinder Morgan, MPLX, and DT Midstream. According to TipRanks, Blum has an average return of 11.2% and a 65.96% success rate on recommended stocks.
In another report released on July 7, Exane BNP Paribas also upgraded the stock to a Buy with a $21.00 price target.