Jefferies downgraded Sunrun stock to "underperform" from "hold"
Solar stock Sunrun Inc (NASDAQ:RUN) was last seen down 4.2% at $8.49 after a downgrade from Jefferies to "underperform" from "hold." The firm also cut its price target to $5 from $6, and upgraded sector peer First Solar (FSLR) to "buy," seeing it as a better play amid import restrictions. Notably, Jefferies previously cut RUN's price target to $6 from $7 just two weeks ago.
Of the 24 analysts in coverage, 11 carry a "buy" or "strong buy," while 11 sport a tepid "hold," and two a "sell" or worse. The stock has seen several bear notes over the last month, and a continued unwinding of optimism could provide further headwinds.
Sunrun stock has been steadily climbing since its May 22 bear gap of 37.1%, which occurred after the U.S. House of Representatives passed President Trump's sweeping tax bill. The 20-day moving average has moved in as resistance, however. Year to date, the equity is down 7.9%.
Though short interest has decreased slightly amid the stock's recent climb, it still represents 28.6% of the stock's available float. It would take shorts nearly four days to cover their bets, at RUN's average pace of trading.