Sunrun(NASDAQ:RUN) stock is running higher on Thursday following a positive report on the company from Morgan Stanley.
Morgan Stanley analyst Stephen Byrd isbehind the newsboosting RUN stock up. In his report, he reiterated the firm’s overweight rating while also increasing the price target to $91. The previous price target MS had for the stock was $86.
So what has Byrd taking such a bullish stance on RUN stock? First off, he believes that there’s massive potential for the growth of the company. That centers on the adoption of solar panels to power homes. Currently, only 3% of homes in the U.S. are equipped with solar panels.
It’s not just the potential of solar homes that has the Morgan Stanley analyst taking this stance on RUN stock. The possibility of its technology being used alongside electric vehicles (EVs) also shows promise.
Sunrun has already been dipping its toes into this space as it teams up withFord(NYSE:F) on the company’sF-150 Lightning electric truck. It supplies solar panels to charge the truck at home, as well as a kit that lets the truck power the house when the electricity is out. These factors are what has Byrd calling RUN “the most compelling clean energy stock,” reportsCNBC.
The bull report on RUN stock has it seeing heavy trading today. As of this writing, more than 10 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is roughly 6.2 million shares.
RUN stock was up 10.2% as of Thursday morning but is down 24.5% since the start of the year.
Of course, there’s plenty of other news for today that investors should keep up with.