Citi downgraded Sunrun (RUN) to Neutral from Buy with a $7 price target The firm sees potential elimination of investment tax credit adders as the biggest risk that could impair residential solar, which it notes depends on third-party ownership financing for half of U.S. installs. The changes to the Inflation Redaction Act and potential for elimination of ITC bonus adders could create “unsurmountable challenges” for Sunrun by eliminating future free cash flow once safe harbor volumes are exhausted, the analyst tells investors in a research note.
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