Keep an eye on shares on Sunrun (RUN).
The stock is on the move after booking a surprise profit of $55.5 million, or 25 cents a share. Analysts were looking for 24 cents. Better, analysts over at Janney just upgraded RUN to a buy rating, saying it sees 80% upside from current prices.
“Sunrun is rapidly expanding its lead as America’s clean energy company. We are seeing a tremendous acceleration in storage attachment rates on new sales, in California and across the country, which provides increased customer value and superior margins for Sunrun, while building a foundation of controllable generation assets that enables a clean energy future for all,” said Mary Powell, Sunrun’s Chief Executive Officer.
“Recent sales performance in California is encouraging and sales growth outside of California remains robust, allowing us to reiterate our guidance for 10% to 15% growth in new installations this year, which we believe represents strong market share gains.