Sunrun (NASDAQ:RUN) stock is getting a boost on Wednesday after Citigroup analyst Vikram Bagri weighed in on the solar power company’s shares.
This has the Citigroup analysts upgrading RUN stock from a “neutral” rating to a “buy” rating. For the record, the analysts’ consensus rating for RUN shares is “moderate buy” based on 20 opinions.
To go along with that upgrade, Bagri increased his price target for RUN stock from $17 per share to $21 per share. That represents a potential upside of about 40% over the next year. However, it’s below the analysts’ consensus price prediction of $33.75 per share.
What’s Behind The RUN Stock Upgrade?
Here’s what the Citigroup analyst has to say about RUN stock in a note obtained by CNBC.
“CA will face headwinds in ’24, but RUN’s leading >60% TPO market share and financing runway means consensus expectations for ~6% MW installation growth in FY24 appear achievable as consumers seek out solar [and] storage to save on utility bills.”
With the stock upgrade on Wednesday comes more than 3 million shares of RUN stock being traded this morning. To put that number in perspective, the company’s daily average trading volume is closer to 9 million shares.
RUN stock is up 2.8% as of Wednesday morning but is down 33.3% since the start of the year.
Stock investors seeking out even more of the most recent market news for Wednesday are in luck!
We’re offering up all of the hottest stock market news that traders need to know about today! That includes JPMorgan weighing in on ChargePoint (NYSE:CHPT) stock, as well as what’s going on with shares of Ambarella (NASDAQ:AMBA) and Digital Brands (NASDAQ:DBGI) stock today. All of that news is readily available at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
