UPDATE: Oppenheimer Upgrades Vivint Solar (VSLR) to Outperform
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(Updated - August 9, 2016 9:12 AM EDT)
Oppenheimer upgraded Vivint Solar (NYSE: VSLR) from Perform to Outperform with a price target of $7. The change follows the release of Q2 results.
Analyst Colin Rusch is positive on the company's low cost structure and strategic approach to growth.
"With VSLR’s recent expansion of its term loan facility, we believe the company is demonstrating its ability to close large deals in a relatively short time frame," said Rusch. "While the company will need to raise additional tax equity for 4Q:16 and 2017 deployments, we expect the company to close a facility in a timely manner considering the wide availability of tax equity. We are upgrading shares from Perform to Outperform given valuation support from its existing portfolio, a more conservative strategy that emphasizes cash-on-cash returns and sustainable growth, and the potential for improving unit economics based on lower equipment costs and a disciplined sales strategy. We seemeaningful portfolio value and growth opportunity and introduce our $7 price target."
Shares of Vivint Solar closed at $3.19 yesterday.
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