Recent Research Analysts’ Ratings Updates for SolarCity Corp (SCTY)
SolarCity Corp (NASDAQ: SCTY) received a number of price target changes and ratings updates during the last week:
- SolarCity Corp had its price target raised by analysts at Goldman Sachs to $96.00.
- SolarCity Corp had its price target raised by analysts at Canaccord Genuity from $94.00 to $95.00.
- SolarCity Corp had its “outperform” rating reaffirmed by analysts at Credit Suisse. They now have a $97.00 price target on the stock, up previously from $93.00.
- SolarCity Corp had its price target raised by analysts at Robert W. Baird from $80.00 to $83.00.
- SolarCity Corp had its price target raised by analysts at Roth Capital from $80.00 to $98.00.
- SolarCity Corp is now covered by analysts at Morgan Stanley. They set an “equal weight” rating and a $92.00 price target on the stock. They wrote, “We forecast the addressable market for residential solar in the US at 168GW by 2020, significantly above the <4GW of installed capacity today. Our proprietary state-by-state solar economic model calculates levered project returns based on average electricity pricing and sunshine levels across the country.Even assuming that fixed charges of 50% of the transmission and distribution (T&D) portion of bills are levied on solar customers, we think the addressable market will support significant growth off of the current residential base of <4GW.Weforecasta 27% CAGR for the entire distributed generation segment between 2013 and 2020,even assuming that the Investment Tax Credit (ITC) steps down to 10% after 2016.”
SolarCity Corp (NASDAQ:SCTY) traded up 0.33% on Monday, hitting $72.05. The stock had a trading volume of 2,601,700 shares. SolarCity Corp has a 1-year low of $28.31 and a 1-year high of $88.35. The stock has a 50-day moving average of $69.92 and a 200-day moving average of $64.74. The company’s market cap is $6.678 billion.
SolarCity Corp (NASDAQ:SCTY) last released its earnings data on Thursday, August 7th. The company reported ($0.52) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.99) by $0.47. The company had revenue of $61.30 million for the quarter, compared to the consensus estimate of $63.24 million. During the same quarter last year, the company posted ($0.31) earnings per share. SolarCity Corp’s revenue was up 61.7% compared to the same quarter last year. Analysts expect that SolarCity Corp will post $-3.99 EPS for the current fiscal year.
In other SolarCity Corp news, CTO Peter J. Rive sold 125,000 shares of the stock on the open market in a transaction dated Thursday, August 7th. The shares were sold at an average price of $75.43, for a total value of $9,428,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
SolarCity Corporation (NASDAQ:SCTY) is engaged in the design, installation and sale or lease of solar energy systems to residential and commercial customers, or sale of electricity generated by solar energy systems to customers.
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