Credit Suisse Reviews California's April Data, Sees Weak Residential Market

Solar names have struggled to gain momentum for another leg higher. Credit Suisse after hours on Thursday reviewed April data for utilities out of California and leaded application growth in April registered growth of 44 percent YoY vs 35.7 percent in March. The strength, according to analyst Patrick Hobin, is attributed to strong growth in commercial applications which grew 196 percent YoY and 11.2 percent MoM. Residential applications is another story though with growth YoY coming in a weak 13.7 percent YoY and for MoM the applications declined 16.9 percent.
SolarCity SCTY trailed their peers according to Hobin in the residential market. SolarCity was the only one in the group to report negative YoY growth.

Shares of SolarCity finished Thursday's regular session at $22.66, down $0.41 or 1.78 percent.