Sunrun downgraded to Hold at Jefferies on near-term pressure on growth

As previously reported, Jefferies downgraded Sunrun (RUN) to Hold from Buy with an unchanged price target of $22. Sunrun’s Q4 commentary was “notably cautious,” diverging from the more constructive industry takeaways at last week’s Intersolar Conference, says the analyst, who notes that its Q4 call implied a more prolonged period of market contraction, reflected in lowered guidance and a renewed emphasis on balance-sheet protection. Recovery visibility remains limited and the firm sees upside skewing toward offensive strategies as the industry resets, the analyst added.