Citi analyst Vikram Bagri upgraded Sunrun (RUN) to Buy from Neutral with a price target of $26, up from $11. While Sunrun benefits from tailwinds from increasing electricity rates on one hand, more leverage over suppliers from market shift to TPO should provide a second growth leg, the analyst tells investors in a research note. The firm expects the company to beat FY25 cash flow targets, which would put recourse debt to cash generation at year-end 2025 at 2x, opening the door to return of capital to shareholders.
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