SolarCity Corp (SCTY) Doubles Its Commercial Sales Team

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SolarCity Corp (SCTY) Doubles Its Commercial Sales Team
By BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

SolarCity Corp (NASDAQ:SCTY) chief executive Lyndon Rive attended an investor meeting organized by Goldman Sachs in New York. Goldman Sachs analysts Brian Lee, Thomas Daniels and Britt Boril said in a research note that SolarCity is confident of achieving its 2014 panel installation guidance of 475-525MW. Notably, investors were disappointed on the company’s Q1 panel installation guidance of 78-82MW in March.

SolarCity CEO talks about long-term growth

SolarCity Corp (NASDAQ:SCTY) CEO said the company’s long-term growth prospects remain strong. Rive doesn’t see a short-term slowdown in Arizona despite the introduction of fixed charges. Residential penetration in California is less than 2% today, representing sustainable growth opportunity. The company has been working with state officials in California to streamline the solar permitting process.

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SolarCity Corp (NASDAQ:SCTY), which will report its Q1 results on May 7, is confident of more than 100MW in residential bookings during the quarter. Moreover, Lyndon Rive said the company has doubled its commercial sales team. Goldman Sachs believes that the bigger sales team would lead to increased commercial MW bookings in the next 18-24 months. These facts suggest that SolarCity will meet, if not exceed, its 2014 panel installation guidance.

Deutsche Bank maintains its $85 PT on SolarCity

Analysts believe that SolarCity Corp (NASDAQ:SCTY) has kept the solar lease pricing steady, thanks to limited competition from rivals. The San Mateo-based company expects its sales conversion metrics to remain strong, reducing the need for more aggressive pricing. Deutsche Bank maintains its Conviction List Buy rating on the stock with $85 price target.

Earlier this month, SolarCity Corp (NASDAQ:SCTY) was sued by an investor for providing false and misleading information in its financial statements. Federal authorities have also been scrutinizing the company’s books. Regulators have alleged that SolarCity overvalued its sales contracts so that it could receive millions more in federal tax incentives. The company has received more than $244 million in tax incentives, but still claimed that the government shortchanged it $14.6 million.

SolarCity Corp (NASDAQ:SCTY) shares jumped 4.04% to $55.40 at 1:11 PM EDT on Thursday.

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