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Sunrun Soars as Credit Suisse Says Company May Triple in ValueBy
Sunrun Inc., one of the largest U.S. residential-solar companies, jumped the most in three months after Credit Suisse Group AG recommended buying the shares and set a price target that’s almost triple the closing price Friday.
San Francisco-based Sunrun rose 6.9 percent to $5.74 at 10:13 a.m. in New York after earlier climbing as much as 13 percent, the most intraday since Nov. 9. Michael Weinstein, a New York-based analyst at Credit Suisse, initiated coverage with the equivalent of a buy rating and set a $15 price target.
Sunrun, which may soon bump Tesla Inc. as the U.S. king of rooftop solar, will “continue to gain market-share in the residential-solar market bolstered by a multi-channel approach, access to financing and focus on value creation,” Weinstein wrote in a research note.