Keep an eye on Sunrun (SYM: RUN).
After pulling back to $18.22, the solar stock appears to have caught strong support. From here, we’d like to see it initially retest $21.77. Helping, the Federal Reserve cut interest rates by a half-point in a move that should bring some financial relief to households and businesses, including solar. Also, while the stock did pull back on news its partnership with Costco is over, it appears that negativity has been priced into the latest drop.
Plus, over the last few weeks, the company beat second quarter earnings and unveiled a partnership with Tesla for a power plant in Texas.
“The partnership has already enrolled more than 150 Sunrun customers in an aggregated power program and will scale up enrollments while dispatching stored solar energy from at-home batteries to rapidly increase available electricity reserves on the grid during periods of high consumption,” according to a Sunrun press release.
With earnings, Sunrun’s EPS of 55 cents beat by 80 cents. Revenue of $523.9 million, while down 11.2% year over year, beat estimates by $6.19 million.
