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Sunrun Pops on Strong Q2 Beat, Analyst Sees More Upside

Stock Markets Aug 04, 2022 08:58
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By Senad Karaahmetovic

Shares of Sunrun (NASDAQ:RUN) are up over 5% after the company crushed analyst estimates for the second quarter.

The solar company said it recorded a loss per share of $0.06, which is better than the expected loss of $0.08 per share. Revenue came in at $584.6 million, again higher than the $503.8 million consensus.

Sunrun also reiterated its full-year forecast and said it witnessed a “record sales activity week in July”.

A Wolfe Research analyst sees “even more upside” in RUN shares in case of the IRA passage.

“Passage of IRA would accelerate growth and RUN could have 1/3 of its business operating under a 40% ITC immediately,” the analyst said in a client note after raising the price target by $1 to $39.

An analyst from Piper Sandler said RUN delivered a “good operational update”.

“However, we await the transmission from ops to financials via levered cash generation. With 2Q results in the rearview mirror, investor focus will return to the success/failure of the IRA as RUN's equity has tremendous torque to the outcome,” the analyst wrote in a research note.

Sunrun Pops on Strong Q2 Beat, Analyst Sees More Upside
 

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