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Buy solar stock Sunrun for a 165% return in 12 months: Guggenheim

By: Invezz
buy solar stock sunrun guggenheim analyst

Sunrun Inc (NASDAQ: RUN) has been cut in less than half this year but a Guggenheim analyst remains confident that it will make a new high over the next twelve months.

Sunrun stock has upside to $36

Joseph Osha maintained his “buy” rating on the solar stock this morning and bumped his price target up to $36 which suggests it could close to triple from here.

He does expect the broader U.S. residential solar industry to weaken by 3.0% next year but told clients in a research note today:

We believe that RUN should be the best-performing of the residential solar developer stocks for this year and next.

The Guggenheim analyst is bullish on Sunrun stock even though the company came in well below Street estimates for revenue in its latest reported quarter.

Why else is he bullish on Sunrun stock?

Joseph Osha is convinced that Sunrun will continue to grow it market share moving forward. He expects a 9.0% increase in its megawatt installations next year.

The Guggenheim analyst expects Inflation Reduction Act to be a meaningful benefit for this solar stock. He likes the Nasdaq-listed firm also for its cash flow.

In his research note, Osha particularly praised the San Francisco-headquartered firm for not resorting to expensive debt in pursuit of expanding its market share in the near term.

He’s constructive on Sunrun stock even though the U.S. Federal Reserve a day earlier signalled one more rate hike this year and fewer than expected cuts next year (read more).

The post Buy solar stock Sunrun for a 165% return in 12 months: Guggenheim appeared first on Invezz.

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