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Bank of America Reiterates on SolarCity on Line of Sight to Strong 2014 and Beyond

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In a report published Thursday, Bank of America analyst Krish Sankar reiterated a Buy rating and $70.00 price target on SolarCity (NASDAQ: SCTY).

In the report, Bank of America noted, “SolarCity posted top-line results well above our expectations on strong operating lease revenue ($25MM vs $21M est) that reflected the impact of seasonality and the changing mix of PPA contracts versus leases. The same dynamics led to guidance below our forecast as system production is expected to decline in the December quarter, causing contracts tied to production to generate less revenue. We also note that OpEx guidance indicates continued execution on customer acquisition cost, which was a highlight of Q3'13 as well. Our fundamental view of the company is unchanged, and we see particular upside to the stock today as it characteristically falls off after earnings. We reiterate our Buy rating and $70 PO.”

SolarCity closed on Wednesday at $59.65.

Latest Ratings for SCTY

DateFirmActionFromTo
May 2015BairdDowngradesOutperformNeutral
Apr 2015Northland SecuritiesInitiates Coverage onOutperform
Apr 2015Avondale PartnersInitiates Coverage onMarket Outperform

View More Analyst Ratings for SCTY
View the Latest Analyst Ratings

Posted-In: Bank of America Krish SankarAnalyst Color Reiteration Analyst Ratings

 

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