RBC downgraded the solar name and slashed its price target
Sunrun Inc (NASDAQ:RUN) stock is down 1.9% before the bell, extending Tuesday’s historic rout in the solar sector. RUN's slide follows an RBC Capital Markets downgrade to “sector perform” from “outperform,” alongside a drastic price-target cut to $5 from $12, as analysts note mounting pressure across the alternative energy space.
RUN plunged 40% yesterday — its worst single-session drop on record. The shares hit their lowest level since 2018 last session before paring losses, and are eyeing those levels once again. The stock carries a 37.5% year-to-date deficit and is down 54.5% in the last 12 months.
More bearish revisions could be on the way. Of the 23 analysts covering RUN, 10 still maintain a “buy” or better rating, and the stock’s average 12-month price target of $11.13 represents a 96.6% premium to last night’s close — both indicators of overly bullish sentiment that may still be unwinding.