UPDATE: Baird Downgrades SolarCity (SCTY) to Neutral
Baird downgraded SolarCity (NASDAQ: SCTY) from Outperform to Neutral with a price target of $60. The change follows soft Q3 results and weak guidance.
Analyst Ben Kallo said, "SCTY missed Q3 installations, lowered 2015 guidance, and issued 2016 installation guidance below expectations as the company will focus on system cost reductions and becoming cash flow positive by YE:16. Although we like the long-term value generation potential, we believe the stock will be under significant near-term pressure as expectations are recalibrated, and think it will be difficult for shares to work until SCTY shows execution towards its FCF target."
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 $38.07 yesterday.