SolarCity's (SCTY) Buy Rating Maintained at Deutsche Bank
Deutsche Bank maintained a Buy rating on SolarCity (NASDAQ: SCTY) with a price target of $49. Shares declined following the release of Q1 results.
Analyst Vishal Shah commented, saying, "Weak Q1 bookings and generally cautious mgmt commentary raises the question whether the leasing model would continue to dominate the DG market or whether the direct sales model would take over? At this point, the momentum seems to be shifting in favor of the direct sales model (and as such could negatively impact SCTY's installation outlook). However, we believe at current valuations, assuming relatively conservative installation forecasts, the shares are discounting no value for the devco."
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Shares of SolarCity closed at $22.51 yesterday.