Solid Q1 Keeps SolarCity Corp (SCTY) On Track; Canaccord Raises Price Target
Canaccord analyst Jed Dorsheimer came out with a favorable report on SolarCity Corp (NASDAQ:SCTY), after the company hosted a conference call on Tuesday to review first-quarer financial results and provide a corporate update. The analyst reiterated a Buy rating on shares of SolarCity, with a price target of $72, which represents a potential upside of nearly 17% from where the stock is currently trading.
In his research report, Mr. Dorsheimer wrote, “We maintain our BUY rating on SolarCity, reiterating the long-term opportunity and belief that the company will outpace market growth and create significant value from its solar deployments over time. While we understand the need to keep an eye on some of the more aggressively valued solar names as uncertainty builds around the ITC expiry and new policy/utility related risks, we believe SolarCity is well positioned to power through the cycle with its cost structure and market share.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jed Dorsheimer has a total average return of -2.4% and a 40.7% success rate. Dorsheimer has a 6.6% average return when recommending SCTY, and is ranked #3172 out of 3596 analysts.
Out of the 13 analysts polled by TipRanks, 10 rate SolarCity stock a Buy, and 3 recommend a Hold. With a return potential of 35.06%, the stock’s 12-month consensus target price stands at $83.14. The stock is currently up 0.53% at $61.43.