Sunrun price target lowered to $14 from $18 at UBS

UBS lowered the firm’s price target on Sunrun (RUN) to $14 from $18 and keeps a Neutral rating on the shares. Following the Q3 results, UBS is revising its 2024/25/26E solar capacity deployed forecasts to 849/956/1,004MW from 866/1,024/1,126MW previously and its 2024/25/26E storage capacity deployed forecasts to 1,157/1,579/1,895MWh from 1,100/1,265/1,455MWh to reflect Sunrun’s continued shift towards the storage business, the analyst tells investors in a research note. The firm still has near-term concerns over potential modification or repeal of the Investment Tax Credit in the Inflation Reduction Act and says the uncertainty will likely remain a headwind for the shares until the incoming administration provides specifics for their budgetary aims.