SUNRUN $RUN price-target raised to $20 (from $16) at JPMorgan: "RUN reported 2Q contracted value and increased FY25 guidance significantly above expectations, driven by a record storage attach rate, higher volumes, and lower operating costs. 2Q cash generation was below expectations primarily owing to timing of working capital, including safe harbor activity, while the FY outlook was maintained. Management commentary was upbeat owing to company execution as well as from the OBBB, which had preferential treatment for the lease/PPA market relative to cash/loan, and RUN is well underway with its safe harbor strategy to extend visibility. RUN also presented its case for accretive project returns without the solar tax credit in FY28, driven by cost declines, higher utility pricing, and grid services, implying further upside if the safe harbor strategy allows for continued 48E tax credits beyond YE27."