UPDATE: Bank of America Initiates SolarCity at Buy on Growing Addressable Market

Bank of America initiated coverage on SolarCity SCTY with a Buy rating and a $21 price objective. Bank of America commented, "SolarCity sells energy. That simple statement defines the company's strategy, which is to make electricity available to its customers for a better price than customers would pay utility providers. As prices for solar power generation equipment have continued to decline, the addressable market for residential and commercial solar has grown. We expect that to continue, declining hydrocarbon prices notwithstanding, as transmission, distribution and technology spending mandates continue to drive retail power prices upwards." SolarCity closed at $14.4o on Friday.