Shares of Sunrun Inc. (NASDAQ: RUN) plummeted 5% on Wednesday after the solar energy company reported disappointing third-quarter results and received an analyst downgrade.
Sunrun reported Q3 adjusted earnings of -$0.37 per share, missing analysts' expectations of -$0.14 per share. Revenue of $537.17 million also fell short of the consensus estimate of $564.2 million. The company cited ongoing supply chain challenges and higher costs for the weaker-than-expected performance.
Adding to the selling pressure, Exane BNP Paribas downgraded Sunrun from Outperform to Neutral and lowered its price target to $14, citing concerns over slowing growth and profitability. The analyst expressed skepticism about Sunrun's ability to achieve its financial targets in the current challenging environment.
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