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Sunrun Gains as Needham Rates It a Buy Citing Hold in Residential Solar

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By Dhirendra Tripathi

Investing.com – Sunrun (NASDAQ:RUN) rose 4% Friday as Needham initiated coverage of the stock with a buy, citing the company’s leadership in the crowded U.S. residential solar industry and cheap valuations.

The stock has more than halved from its high of $100.93. Analyst Vikram Bagri sees the shares at $75, an upside of around 61% from the stock’s current level.

Bagri pointed that the company has around 15% share of the market which is almost twice that of its nearest rival.

According to him, the industry can keep growing at a fast pace due to adoption of electric vehicles, a focus on energy resilience, rising utility rates, and heightened environmental awareness.

The analyst believes Sunrun's management team, customer relationships, established channel partners, and quality of service will help it reap the benefit of opportunities.

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