UPDATE: J.P. Morgan Initiates Coverage on SolarCity on Pure-Play Market Leader Position
In a report published Thursday, J.P. Morgan analyst Paul Coster initiated coverage on SolarCity Corp. (NASDAQ: SCTY) with an Overweight rating and $68.00 price target.
In the report, J.P. Morgan noted, “SolarCity is the pure-play leader in roof-top solar, a growth sweet-spot in the large solar PV market. Long-term (20-year) solar-as-a-service contracts benefit the homeowner end-customer with low-cost, fixed-rate electricity and yield cash flow visibility for SCTY that supports asset-backed funding of rapid growth and sustainable competitive advantage, we believe. We view the stock as undervalued based on projected retained value – the NPV of long-term service contracts, net of upfront funding. We are initiating coverage with an Overweight rating and 2014 year-end price target of $68.”
SolarCity Corp. closed on Wednesday at $52.38.
Latest Ratings for SCTY
|May 2015||Credit Suisse||Maintains||Outperform|
|Apr 2015||Northland Securities||Initiates Coverage on||Outperform|
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