February 8, 2016 9:43 AM | 1 min read |
Shares of SolarCity Corp (NASDAQ: SCTY) have declined 46.64 percent over the past one year, closing at $29.57 on February 5.Deutsche Bank's Vishal Shah has maintained a Buy rating on the company, with a price target of $64.
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Analyst Vishal Shah mentioned that "the company can access a number of other options besides the ABS markets where the costs maybe high but capital is still available."Shah also mentioned that recent news regarding the five year extension of ITV could potentially add $10 per share to the SolarCity's equity value, assuming an annual installation run rate of 1GW.Weak oil price do not impact retail electricity prices and the company is expected to be well positioned to increase prices in 2016. Shah also expects the CA net metering decision to prove positive for the overall residential solar market, and added that "checks indicate that even tier 2 leasing companies are increasing procurement of modules in Q1/Q2 timeframe."According to the Deutsche Bank report, "SCTY has sufficient access to tax equity markets and can sell operating assets to achieve growth objectives."In addition, Shah expects the Q4 earnings report to ease concerns regarding growth and capital availability, with the company expected to reiterate its end-2015 cash and cash flow breakeven targets.
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