Sunrun (NASDAQ:RUN) shares jumped more than 7% on Friday after an upgrade to overweight from Piper Sandler analyst Kashy Harrison.
Harrison sees the stock at $77, still more than 50% higher from the stock’s current price.
Harrison attributed his bullish outlook on the solar panel maker to strong growth expected from the residential sector as more people opt for the renewable source of power. Long-term federal policy support via the America Jobs Plan and interest rates that are only moving lower will also help the company, the analyst said.
He also credited the management team. Lynn Jurich is chief executive officer and co-founder of the home solar, battery storage, and energy services company. With Sunrun co-founder Ed Fenster, Jurich invented the business model “solar-as-a-service” that helped people generate and store electricity using rechargeable home solar and batteries.
Sunrun’s share price is almost half of its 52-week high of $100.93, also a factor behind Harrison’s upgrade.