Oppenheimer Maintains a Buy Rating on Vivint Solar

Oppenheimer analyst Colin Rusch maintained a Buy rating on Vivint Solar (NYSE: VSLR) today and set a price target of $7. The company’s shares closed yesterday at $4.

Rusch wrote:

“VSLR posted solid results in line with guidance and indicating sequential growth consistent with seasonal trends. We are encouraged by steady Y/Y bookings and 2Q:18 guide for a decline in creation cost. We believe retained value per watt should see some benefit going forward from its new pricing strategy which is also likely to drive a modest acceleration in bookings. We expect the company to also benefit later this year from equipment prices as companies work through plans to avoid Section 201 tariffs. Last, but not least, we believe the company should be able to refinance its back leverage as sufficient MW’s have completed tax equity monetization. We remain constructive and reiterate our $7 price target.”

According to TipRanks.com, Rusch is a 5-star analyst with an average return of 14.1% and a 52.3% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Canadian Solar Inc, and Fuelcell Energy.

Vivint Solar has an analyst consensus of Moderate Buy, with a price target consensus of $6.25.

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The company has a one-year high of $6.09 and a one-year low of $2.65. Currently, Vivint Solar has an average volume of 478.4K.

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Vivint Solar, Inc. engages in the provision of residential solar. It also designs and installs solar energy systems, and offers monitoring and maintenance services. The company was founded by Alexander J. Dunn, Todd R. Pedersen, and Tanguy Vincent Serra on August 12, 2011 and is headquartered in Lehi, UT.