Sunrun downgraded to Sell with 1c price target at GLJ Research

As previously reported, GLJ Research analyst Gordon Johnson downgraded Sunrun (RUN) to Sell from Hold with a 1c price target following the firm’s analysis of Sunnova Energy’s (NOVA) “hidden ‘second set of books'” and the Senate’s tax-and-spend bill language. Barring SunRun’s ability to inflate the value of its solar systems to collect tax credits, the “underlying equity is worthless,” argues the analyst, who notes that the firm’s target implies 99% downside from yesterday’s closing price.