Raymond James Ups Estimates, PT on SolarCity (SCTY) Post ITC Extension

Raymond James analyst, Pavel Molchanov, sharply raised his installation assumptions for SolarCity (NASDAQ: SCTY) in 2017 on the back of the Investment Tax Credit extension. Estimates go from 1,100 MW to 1,550 MW in 2017 and from 1,400 MW to 1,850 MW in 2018. Additionally, retained value per watt increases. Previously, the analyst had modeled a steep drop from $1.65/w in 2016 to $1.10/w in 2017-18, and now assumes $1.60/w in 2017 and $1.55/w in 2018.

The implied y/y growth rates (24% in 2017 and 19% in 2018) are well below the 40% that the company has guided for in 2016. The 2018 retained value per share estimate increases by 32% from $60 to $79.

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 $55.09 yesterday.

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