Shares of Sunrun (RUN) are on the run.
All thanks to a surprise profit of $55.5 million, or 25 cents a share, which was above analyst expectations of 24 cents. Better, according to President and CEO Mary Powell, “Recent sales performance in California is encouraging and sales growth outside of California remains robust, allowing us to reiterate our guidance for 10% to 15% growth in new installations this year, which we believe represents strong market share gains.”
Helping, analysts at Janney Montgomery Scott just said RUN could see $32 a share over the next year, or roughly 80% higher from where it is now.
The firm also has a buy rating on RUN, and noted, “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.”
RUN last traded at $20.32 – up about 14% on the day on a volume spike to 11.9 million shares, as compared to daily average volume of 9.23 million.