Wells Fargo lowered the firm’s price target on Sunrun (RUN) to $8 from $10 and keeps an Overweight rating on the shares. The Big Beautiful Bill adds significant uncertainty to Sunrun’s business model, the analyst tells investors in a research note. The firm’s base case assumes Sunrun pivots to a battery-only model, while the high case of $12/share assumes Sunrun eliminates $85M per year of residual cash burn over time and benefits from grid services upside, and the low case of $2/share assumes demand falls 75% year over year in 2026.
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