Goldman Sachs Comments on SolarCity (SCTY) Q4 Results and Guidance
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Rating Summary:
4 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 3 | Down: 5 | New: 34
Rating Summary:
4 Buy, 15 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 3 | Down: 5 | New: 34
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Goldman Sachs maintained a Conviction Buy rating on SolarCity (NASDAQ: SCTY) with a price target of $85.00. Comments follow Q4 results.
Analyst Brian Lee said, "While near-term investment in sales growth initiatives (and an O&M department) led to higher expenses and a weaker than expected 1Q14 EPS guide, we believe growth and retained value remain key catalysts for further stock upside."
"We remain positive on the outlook for both as: (1) management’s confidence in hitting its 475-525MW 2014 installation target appears solid, especially given over 100MW of residential bookings expected in 1Q14, and (2) flattish qoq trends in incremental retained value (c. $1.90/W) in 4Q13 despite higher investment and increasing geographic expansion outside of the high-value California market. Additionally, we remain bullish on the overall growth momentum in US solar rooftop installations, and see SolarCity's scale –particularly in geographic breadth and access to capital (e.g. ABS) – resulting in further share gains as well as positive cash flow in 2014," he added.
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 $77.10 yesterday.
Analyst Brian Lee said, "While near-term investment in sales growth initiatives (and an O&M department) led to higher expenses and a weaker than expected 1Q14 EPS guide, we believe growth and retained value remain key catalysts for further stock upside."
"We remain positive on the outlook for both as: (1) management’s confidence in hitting its 475-525MW 2014 installation target appears solid, especially given over 100MW of residential bookings expected in 1Q14, and (2) flattish qoq trends in incremental retained value (c. $1.90/W) in 4Q13 despite higher investment and increasing geographic expansion outside of the high-value California market. Additionally, we remain bullish on the overall growth momentum in US solar rooftop installations, and see SolarCity's scale –particularly in geographic breadth and access to capital (e.g. ABS) – resulting in further share gains as well as positive cash flow in 2014," he added.
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 $77.10 yesterday.
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