SolarCity's (SCTY) Buy Rating Reiterated at Deutsche Bank
Deutsche Bank reiterated a Buy rating on SolarCity (NASDAQ: SCTY) but lowered its price target to $80.00 (from $90.00). The change follows Q3 results and guidance.
Analyst Vishal Shah said, "2015 guide reduction and below consensus 2016 guide could likely weigh on SCTY shares in the near term. However at current valuations, we believe shares are discounting zero value for the devco business (even after making conservative assumptions for powerco) and assuming the company achieves cash flow break even by end 2016 (which is very likely in our view), we see powerco cash flows growing at mid/high single digit growth rates driving further upside to shares."
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.