Shares of Sunrun (RUN) are soaring 5.07% in intraday trading on Tuesday, following a bullish report from Wells Fargo that significantly raised the company's price target. The surge in stock price comes as investors react positively to the renewed confidence in the solar energy provider's potential.

Wells Fargo analyst Michael Blum reaffirmed his Buy rating on Sunrun and dramatically increased the price target to $21.00 from $14.00, representing a 50% boost. This upgrade signals strong optimism about Sunrun's future prospects in the renewable energy sector. The new target price suggests substantial upside potential from the stock's current trading levels, likely contributing to the increased investor interest.

The positive analyst action comes at a crucial time for Sunrun, as the solar industry faces both opportunities and challenges. While rising interest rates and economic uncertainties have pressured the sector, the long-term outlook for renewable energy remains robust. Sunrun's ability to attract such a significant price target increase from a major Wall Street firm may indicate that the company is well-positioned to navigate the current market environment and capitalize on the growing demand for sustainable energy solutions.