SolarCity Corp Gets A Consensus Rating Of ‘Buy’ From Analysts

SolarCity Corp Gets A Consensus Rating Of ‘Buy’ From Analysts
By BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

SolarCity Corp (NASDAQ:SCTY) presently has an average rating of Buy from eleven brokerages that cover the stock. Currently, two analysts have a Hold rating on SolarCity. The solar company has an average 12-month price target of $76.00.

What analysts think of SolarCity

In recent weeks, many analysts have come out with their rating on SolarCity Corp (NASDAQ:SCTY). In a research note on April 4th, analysts at Deutsche Bank reiterated Buy rating on the stock. Raymond James analysts, in a research note on March 28th, upgraded the shares of the solar firm from a Market Perform rating to an Outperform rating, and also raised the price target from $60.74 previously to $75.00. In a note on March 19th, Goldman Sachs analysts have lowered the price target on the stock from 88.00 to $85.00.

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As per a document filed with the SEC, SolarCity Corp (NASDAQ:SCTY) VP John Stanton sold 10,000 shares of the company on April 1st, at an average price of $63.61, for a total value of $636,100.00.

Over the past month or so, shares of the company have been on a downward trend, declining 30%. The broad market sell-off along with the investor lawsuits accusing the company of violating the Federal Securities laws has resulted in a massive decline in the share price.

Improved results for 2014 expected

For the fourth quarter, SolarCity Corp (NASDAQ:SCTY) posted earnings per share of ($0.46) compared to the consensus estimate of ($0.55). Revenue for the company came in at $37.45 million against the consensus estimate of $45.27 million. In its core business, SolarCity has witnessed a remarkable year-over-year growth of 78% in megawatt deployed to 280 MW, in 2013. Lease revenue growth for the company increased around 80% year-on-year. The company has been able to improve its operational and capital expenditures by lowering its costs, in both the segments. Owing to such measures, the solar firm almost reached its break-even point, and posted positive net cash flow for 2013.

Moving ahead, SolarCity Corp (NASDAQ:SCTY) would surely gain from the rising volumes in residential and commercial deployments, which boosted revenue in the fourth quarter. For the first quarter of 2014, the company expects to deliver improved results owing to incremental investments in both residential and commercial segments.

At 9.40 am EDT, SolarCity Corp (NASDAQ:SCTY) shares were up 4% to $59.70.

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