Why Sunrun (RUN) Stock is Continuing to Jump Today
NEW YORK (TheStreet) -- Shares of Sunrun (RUN) - Get Report are soaring by 8.13% to $6.65 on heavy trading volume late Friday afternoon, after the San Francisco-based company posted strong results for the 2016 first quarter.
After yesterday's closing bell, the residential solar company reported earnings of 13 cents per share, surpassing analysts' projections for a loss of 48 cents per share.
Revenue for the quarter was $98.7 million, higher than analysts' forecasts of $87.7 million.
Credit Suisse maintained its "outperform" rating and $18 price target on the stock following the results.
"While bears have plenty to harp on, we note that RUN remains undervalued relative to SolarCity (SCTY), has a cleaner parent balance sheet, better capital position (Tax Equity/Debt already sufficient into 2017), and hasn't made questionable decisions like going into utility-scale solar or module manufacturing," the firm wrote in a note.
About 2.22 million of Sunrun's shares changed hands by late this afternoon vs. its average volume of 777,051 shares per day.
