J.P. Morgan Reiterates on SolarCity as 3Q Results Align with Positive Preannouncement
In a report published Thursday, J.P. Morgan analyst Paul Coster reiterated an Overweight rating and $68.00 price target on SolarCity (NASDAQ: SCTY).
In the report, J.P. Morgan noted, “SolarCity posted 3Q results that largely aligned with expectations, which is no surprise given the 10/11 positive preannouncement. That said, key performance metrics such as retained value and retained value/watt were ahead of expectations, suggesting positive momentum toward the firm's long-term goals. 4Q guidance largely aligns with our expectations, ex. one-time charges, and 2014 MW deployment target is unchanged, so the growth momentum around retained value remains on track. We are adjusting our financial estimates slightly though our operating metrics such as bookings, retained value, etc., are largely unchanged. Our price target remains $68. Maintain Overweight.”
SolarCity closed on Wednesday at $59.65.
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