Sunrun Inc

RUN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$98.00	Cqyl	Btfvrhm

Sunrun Earnings: Focus Shifts From Growth to Cash Generation

Brett Castelli

Nov 2, 2023

We lower our fair value estimate for no-moat Sunrun to $14 per share from $24 following third-quarter results. The lower valuation is a result of lower growth and higher capital costs moving forward, partially offset by a rising battery storage mix. We view shares as slightly undervalued in light of our Very High Uncertainty Rating.

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