Keep an eye on Sunrun Inc. (RUN).
After slipping from about $38 to $33.10, the solar stock appears to have caught strong support and could pivot higher. From a current price of $33.10, we’d like to see it initially retest prior resistance at $38, and potentially push to higher highs.
Helping, Morgan Stanley recently raised its price target on RUN to $79 from $70 with an overweight rating. JP Morgan also raised its price target to $65 from $52. Bank of America even noted that RUN is a clear Inflation Reduction Act winner, and raised its target price to $55 from $40.
“We believe that those companies directly receiving the government incentives are the clearest financial beneficiaries of the package, which is in many ways are most apparent for the resi solar installers, specifically RUN and NOVA, who retain value of originated assets and the value of the tax credit in lease-based products,” said the analysts, as quoted by Investing.com.