SolarCity (SCTY) PT Cut to $47 at Baird

Baird analyst Ben Kallo reiterated a Neutral rating and cut his price target on SolarCity (NASDAQ: SCTY) to $47.00 (from $60.00) on the Q4 installation miss and weak Q1 guidance.

Kallo commented, "Financial results beat estimates across the board, management reiterated FY:16 installation guidance, and costs continue to decline. That said, SCTY missed on Q4 installs and issued weaker-than-expected Q1 installation guidance due to Nevada and a shorter C&I cash conversion cycle, which will make 2016 back-half loaded. We remain sidelined given SCTY’s valuation methodology, net metering headline risk, upcoming Silevo ramp, and potential capital market needs. We continue to prefer shares of SPWR and FSLR for solar exposure."

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 $26.35 yesterday.

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