Credit Suisse Sees NY Plant Details As Better Than Expected For SolarCity Corp

In a report published Friday, Credit Suisse analyst Patrick Jobin reiterated an Outperform rating and $97.00 price target on

. In the report, Credit Suisse noted, “We are encouraged by two important developments this week – a $500m convertible debt raise to fund the upstream manufacturing plant and provide working capital and the announcement of a $750m incentive package to construct the 1 GW solar manufacturing plant in NY, both significantly better than expected. Given the increased visibility to cost reduction and with the removal of the capital raise overhang, we reiterate our Outperform rating and $97 Target Price. We adjust our estimates to ($4.29)/($4.24)/($2.15) from ($4.00)/($3.66)/($1.52) for 2014/15/16 respectively.” SolarCity Corp closed on Thursday at $61.96.