Sunrun price target lowered to $14 from $15 at Truist

Truist analyst Jordan Levy lowered the firm’s price target on Sunrun to $14 from $15 and keeps a Hold rating on the shares. While the company provided some reasons for optimism in its recent update, including impressive storage attach rates and positive trends in California market recovery, installer equities faced meaningful pressure last week as investors questioned the generally larger than expected cash spends seen in the quarter, the analyst tells investors in a research note. Sunrun appears to be fully committing to its “storage-first” model, the firm added, and while this could ultimately play in the company’s favor, Truist prefers to see incremental proof on its path toward cash generation to get more bullish on the stock.