Roth Capital Downgrades SolarCity (SCTY) to Neutral; Sidelined Until Better Execution Appears
Get Alerts SCTY Hot Sheet
Rating Summary:
4 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Roth Capital downgrades SolarCity (Nasdaq: SCTY) from Buy to Neutral and cuts its price target from $65 down to $19 following Q4 results and Q1 outlook.
Analyst Philip Shen noted that SolarCity reported weak Q4 results amid reset numbers, hampered by NV and longer lead time in commercial.
Shen summarized: We had previewed the potential for a healthy Q4 and Q1 volumes that needed to be at least 215MW. What investors got was much more disappointing, despite an ITC extension resulting in a robust long-term outlook. The last quarter was supposed to be the "kitchen sink" quarter that resulted in lowered expectations. One quarter later, the company delivered another miss on NV (out of company's control) and commercial timing. Sentiment in the stock is clearly negative, and we think the recipe for fixing it requires two ingredients: (1) Steady and better-than-expected execution over time and (2) Healthy and robust access to ABS and the capital markets — also over time.
For an analyst ratings summary and ratings history on SolarCity click here. For more ratings news on SolarCity click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
- Comerica (CMA) PT Raised to $54 at Piper Sandler
- Voestalpine AG (VOE:AV) (VLPNF) PT Lowered to EUR33 at Barclays
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, DowngradesRelated Entities
Roth CapitalSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!