Sunrun (RUN – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Jeff Osborne from TD Cowen maintained a Buy rating on the stock and has a $18.00 price target.
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Jeff Osborne has given his Buy rating due to a combination of factors that suggest Sunrun is well-positioned for future growth despite current challenges. Osborne highlights Sunrun’s potential to meet its 2025 cash generation targets, supported by an increase in battery attachment rates, rising Investment Tax Credit (ITC) benefits, and gains in third-party ownership (TPO) share. These factors, along with recent agreements that provide a safe harbor for ITC targets and asset-backed security transactions, bolster confidence in the company’s ability to execute its strategy.
Jeff Osborne also notes that while there is a general weakness in residential solar demand and elevated interest rates are impacting expectations, Sunrun’s management is expected to maintain its guidance for significant cash generation in 2025. The company’s strategic planning is bolstered by anticipated growth in solar energy capacity and the realization of ITC benefits, which are expected to remain stable. These elements contribute to Osborne’s positive outlook on Sunrun’s stock, justifying the Buy rating despite lowering the price target due to weaker demand.
Based on the recent corporate insider activity of 106 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RUN in relation to earlier this year.