Deutsche Bank maintains Hold on Sunrun stock, cites consistent solar capacity

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Deutsche Bank maintains Hold on Sunrun stock, cites consistent solar capacity
Credit: © Reuters.

On Thursday, Deutsche Bank (ETR: DBKGn ) maintained its Hold rating on Sunrun Inc . (NASDAQ: RUN ), with a steady price target of $14.00. The firm's stance comes as Sunrun set its 2024 guidance for solar capacity to remain consistent year-over-year at 971-1,073 megawatts. However, storage capacity is expected to increase significantly, by 40-75%, reaching 800-1,000 megawatts. This growth is anticipated due to a higher attachment rate in California and a strategic emphasis on states with a strong storage market presence.

Sunrun's Net Subscriber Value for 2024 is projected to align with the fourth quarter's figure, approximately $13,445, despite an anticipated dip in the first quarter. The expected first-quarter decline is attributed to seasonal trends and rising costs. The company, however, forecasts sequential improvements from the second quarter through the end of the year.

The solar company has also disclosed plans to issue $475M in convertible notes. This move has been received unfavorably by the market. Deutsche Bank's current position reflects a cautious outlook, influenced by persistent challenges within the solar industry. The bank indicates a potential shift to a more positive stance if upcoming data reveals improved demand and signs of recovery in the California solar market.

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