Sunrun (NASDAQ: RUN)

Nov 11, 2022Trade Ideas

Sunrun (NASDAQ: RUN) could push higher.

For one, the stock will benefit from the Inflation Reduction Act.

“The Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible. It is truly all of the above, which means this bill does not arbitrarily shut off our abundant fossil fuels. It invests heavily in technologies to help us reduce our domestic methane and carbon emissions and also helps decarbonize around the world as we displace dirtier products.”

Two, Sunrun reported sold earnings. The company saw EPS of 99 cents on sales of $631 million. That was far better than expectations for a loss of six cents on sales of $564 million. As reported by Barron’s: “It was a really significant beat” on subscriber value, said CEO Mary Powell in an interview with Barron’s. She added that despite the rate increases, customers still receive a deal compared to their local utilities when they sign up for solar—she pegs the savings at between 5% and 40%.”

There’s also still a lot of momentum behind this stock. Just yesterday, it was up 27% to $30.79. From here, we’d like to see it closer to $40.

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