Sunrun could more than make up for last year’s pullback going forward, according to UBS. The bank upgraded shares of the clean energy stock to buy from neutral. Analyst Jon Windham also lifted his price target to $17 from $14. The updated price target implies upside of around 58%. Shares of Sunrun have popped 16% already this year after tumbling 53% in 2024. RUN 1Y mountain RUN 1Y chart “RUN looks attractive given the shares trading near all-time low multiples despite emerging positive fundamental trends,” Windham wrote, adding that Sunrun is emerging as the “clear market leader in a stabilizing residential solar market.” Investor uncertainty towards the investment tax credit under a second Trump administration also contributed to Sunrun’s sell-off last year. But the analyst believes that these fears are overblown. “The key catalyst for shares is the fate of the renewable tax credits in budget reconciliation, potentially as soon as March-2025. We see revisions to tax credit expiry dates as more likely than a full repeal, and would be positive for sector valuations in our view,” he wrote. Meanwhile, Sunrun’s market share in California has already nearly doubled to 22% over the past year, providing a potential roadmap for other states seeking to expand their renewable capacities, according to the analyst. Shares rose more than 4% following the upgrade. Analysts in general are split on the stock. Of the 27 who cover it, 14 have a buy or strong buy rating on it, according to LSEG. Another 13 rate it as a hold of underperform.