UPDATE: Goldman Sachs Initiates SolarCity at Buy on Compelling Value Proposition
Goldman Sachs initiated coverage on SolarCity (NASDAQ: SCTY) with a Buy rating and an $18 price target.
Goldman Sachs noted, "As the first pure play investment opportunity with leverage to the attractive US rooftop market, we expect SolarCity to grow volumes at a 30%-35% CAGR through 2016, leveraging a compelling value proposition, a large total addressable market, and a unique financing model which we expect to progressively enhance SolarCity's returns with increased scale. … Key near- to medium-term catalysts include: (1) securing additional capital commitments, (2) potential upside to recently issued 2013 MW guidance of 250MW, (3) large scale commercial and/or military contract wins and (4) faster-than-expected reductions in solar installation costs and/or continued declines in upstream solar ASPs"
SolarCity closed at $14.40 on Friday.
Latest Ratings for SCTY
|Apr 2015||Northland Securities||Initiates Coverage on||Outperform|
|Apr 2015||Avondale Partners||Initiates Coverage on||Market Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.