Sunrun Inc. (RUN)

Oct 22, 2021Trade Ideas

RUN Chart by TradingView
Keep an eye on green stocks, like Sunrun Inc. (RUN).

Over the next two weeks, President Biden will travel to Europe, with plans to discuss the global climate change issue.

While in Europe, Biden will attend the United Nations Climate Change Conference of the Parties, or COP26 in early November. “COP26, which was originally due to take place in 2020 but was pushed back due to the pandemic, will see world leaders come together to discuss more ambitious climate action as U.N. researchers warn that global warming is dangerously close to spiraling out of control, as reported by CNBC.

As we head into COP26, we expect to see upside momentum in green names, like RUN.

Analysts seem to like the stock, too.

BMO Capital initiated an outperform rating on the stock with a $65 price target. Needham initiated a buy rating in early September, with a $75 price target, saying RUN is “the leader in the crowded U.S. residential solar industry,” as quoted by TheFly.com.

Technically, RUN has been trading in a channel between $45 and $60 a share. After bouncing off support, it’s now testing $53 again. If it can now break above resistance at $59.94, it could potentially run back to a prior high of $98.53.

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