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The shares of Sunrun Inc (NASDAQ:RUN) are surging today, up 12.4% to trade at $48.55 at last check, after Morgan Stanley upped its price target to $91 from $86. The firm, which currently carries an "overweight" rating on the solar name, called it the most compelling clean energy stock it covers.
Options traders have been quick to chime in today, with options volume running at quadruple the intraday average. So far, 53,000 calls and 10.000 puts have crossed the tape. The June 50 call is the most active today, followed by the 55 call in the same series.
Calls have been much more popular in the options pits lately. This is per RUN's 10-day call/put volume ratio of 8.48 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 95% of readings from the past year.
Analysts are similarly bullish on Sunrun stock. Of the 15 in coverage, 14 carry a "buy" or better rating on the equity, with one sporting a tepid "hold." Echoing this, the equity's 12-month consensus target price of $76.52 is an impressive 56.3% premium to its current perch.
It's also worth noting that short interest makes up a whopping 16.9% of RUN's available float, or nearly six days' worth of pent-up buying power. In other words, the security looks ripe for a short squeeze.
On the charts, potential pressure lingers at the $50 level, which coincides with RUN's 80-day moving average. However, shares are now trading at their highest level in more than a month. Longer term, Sunrun stock has added 142.8% over the past 12 months.