Sunrun Inc RUN shares soared higher Monday, trading up more than 10% following a price target increase from Morgan Stanley. Morgan analyst Stephen Byrd maintained an ‘overweight’ rating on the clean-energy company and raised its price target to $39 from $30.
Sunrun’s stock is also trading higher amid overall strength in the clean energy space. The Invesco Solar ETF TAN was trading up more than 4% Monday afternoon.
Price Action: Sunrun’s stock opened Monday slightly below $20 a share. After the rally in the clean energy space, as well as Morgan Stanley’s upgrade, Sunrun’s stock traded up more than 10%, up to about $21.50 a share in the afternoon of Monday’s session.
At around $21.50 a share, Sunrun’s stock is still a ways away from Byrd’s price target of $39. If Sunrun’s stock does end up hitting his price target, it would be a nearly 100% return from its current price.
Other clean energy stocks, like Enphase Energy Inc ENPH also traded higher Monday, up about 5.5%, well outperforming the overall market.
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