** Shares of Sunrun RUN.O up 2.2% at $10.99 before the bell as UBS upgrades solar firm to 'buy' from 'neutral'

** Brokerage boosts PT by $3 to $17, implying 58% upside to stock's last close

** UBS says in note RUN emerging as the clear leader in a stabilizing residential solar market, as it forecasts demand growth of 15% y/y in 2025E compared to 25% y/y decline in 2024E

** RUN's California market share has nearly doubled to 22% over the past year, while battery storage attached on ~60% of new projects, increasing the addressable market, UBS says

** Residential solar's short project cycles make it an important source for new capacity to address current load growth needs, brokerage says

** Of 27 brokerages covering RUN, recommendation breakdown is 16 "strong buy" or "buy", 10 "hold" and 1 "sell"; median PT of $17.50 down from $20 on Oct 10, according to LSEG data

** RUN shares shed ~53% in 2024. Stock has gained 16% to start 2025, through Weds close

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))