Sunrun (NASDAQ:RUN) stock is taking off on Thursday alongside earnings and a new price prediction from Janney Montgomery Scott analyst Thomas Meric.
According to Meric, shares of RUN stock could climb as higher as $32 per share over the next year. That represents a roughly 80% upside compared to the stock’s prior closing price. For comparison, the analysts’ consensus price target for RUN shares is $35.90.
Included with that news price target is an upgrade for RUN stock. That bumps the stock up from a “neutral” rating to a “buy” rating. For the record, the analysts’ consensus rating for RUN is “moderate buy” based on 19 opinions.
Why the RUN Stock Upgrade?
Here’s what the Janney Montgomery Scott analyst said in a note to clients obtained by CNBC:
“Positive to see RUN post an operationally solid quarter, beating customer additions expectations and reiterating its stance for continued margin expansion over the next few quarters.”
The latest Sunrun earnings report saw its adjusted earnings per share and revenue come in at 25 cents and $590.19 million. Wall Street was expecting -35 cents per share on $631.08 million. While those results are mixed compared to estimates, the surprise profit during the quarter has investors excited today.
With that comes strong trading of RUN stock. This has more than 7 million shares of the stock changing hands as of this writing. That’s quickly closing in on its daily average trading volume of about 9.2 million shares.
RUN stock is up 20.7% as of Thursday morning.
Investors on the lookout for more of the latest stock market news are going to want to keep reading!
We’ve got all of the most recent stock market coverage that traders need to know about on Thursday! That includes what’s moving shares of Virax Biolabs (NASDAQ:VRAX) stock, Rite Aid (NYSE:RAD) stock, and Roku (NASDAQ:ROKU) stock today. You can catch up on all of this news at the links below!
More Thursday Stock Market News
- Why Is Virax Biolabs (VRAX) Stock Up Today?
- Is a Giant Short Squeeze Brewing in Rite Aid (RAD) Stock?
- ROKU Stock Alert: Why Citi Just Downgraded Roku Shares
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
