SolarCity (SCTY) a Top Stock Pick for 2014, Baird Says; PT Raised to $81

January 9, 2014 6:46 AM EST
Get Alerts SCTY Hot Sheet
Price: $20.34 --0%

Rating Summary:
    4 Buy, 16 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 5 | New: 0
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Baird analyst Ben Kallo raised his price target on SolarCity (NASDAQ: SCTY) price from $71 to $81 calling the stock his favorite pick for 2014.

"We have updated our NPV model to include higher MW deployments in 2016 and discounted the cash flows to YE:2014," Kallo comments. "We believe SCTY is on track to meets its 2014 guidance of 475 MW-525 MW after its recent expansion of 10 operating centers in Northern California. SCTY remains our top pick as it is levered to the rapidly growing U.S. residential and commercial solar markets."

In North America, the firm believe the residential and commercial solar markets will grow ~20% and 13.8% y/y, respectively, as demand accelerate.

Kallo said he would be a buyer of the stock on any weakness from the January 14 lock-up expiration of approximatly 51 million shares.

For an analyst ratings summary and ratings history on SolarCity click here. For more ratings news on SolarCity click here.

Shares of SolarCity closed at $66.18 yesterday.

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