Sunrun Pops on Strong Q2 Beat, Analyst Sees More Upside
2022.08.04 17:23
Sunrun Pops on Strong Q2 Beat, Analyst Sees More Upside – Budrigannews.com
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.
