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Volume:
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10-day average volume:
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12,000

SunRun's stock rises toward 8th-straight record after J.P. Morgan boosts price target to Street high

10:09 am ET July 21, 2020 (MarketWatch)
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Shares of SunRun Inc. (RUN) climbed 2.6% toward a eighth-straight gain, and 15th gain over the past 16 sessions, after J.P. Morgan analyst Paul Coster raised his price target to make him the most bullish on Wall Street. The residential solar energy systems company's stock, which is also on track for an eighth-straight record close, has rocketed 112% over the past 16 sessions, and has nearly tripled (up 184%) year to date, while the Invesco Solar ETF (TAN) has rallied 49% this year and the S&P 500 has tacked on 1.4%. J.P. Morgan's Coster raised his price target to $40 from $30 and reiterated his buy rating. His target is the highest of the nine analysts surveyed by FactSet, and well above the average target of $29.67. Coster said the $90 million in cost synergies that company was targeting from the $3.2 billion deal to buy Vivint Solar Inc (http://www.marketwatch.com/press-release/sunrun-announces-definitive-agreement-to-acquire-vivint-solar-for-an-enterprise-value-of-32-billion-2020-07-06-23184250). (VSLR) is achievable, and that "value per watt/household should increase materially" as SunRun sells energy storage to a larger customer base. "The company may also benefit if a Democratic sweep during the November U.S. election brings Mr. [Joe] Biden's renewable energy policy to fruition (Biden targets deploying solar on 8mm rooftops), though we are not baking this into our model at this time," Coster wrote in a note to clients.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

July 21, 2020 10:09 ET (14:09 GMT)

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