GLJ Research upgraded Sunrun (RUN) to Hold from Sell ahead of the Q3 report. The firm believes being short the stock into earnings “carries with it quite a bit of risk over the near-term.” GLJ’s long-term view on Sunrun’s business being a “cash-incinerating science project is unchanged.” However, due to the recent trend among utilities, which involves increasing the price of electricity they charge customers, and Sunrun’s new focus of offering leases below the price of power customers pay, “there has been somewhat of a renaissance” in the U.S. solar power purchase agreement markets, contends the firm.
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