Company Update (NASDAQ:SCTY): SolarCity Corp Launches Solar Service in Western Pennsylvania

SolarCity Corp (NASDAQ:SCTY), America’s #1 solar power provider, is making its popular solar service available to homeowners in Western Pennsylvania for the first time. SolarCity will make it possible for many of the region’s one million plus residents to install solar with no upfront cost and pay less for solar electricity than they pay for utility power. Customers can go solar for as little as$30 per month, with design, installation, financing, insurance, monitoring and a performance guarantee included.

SolarCity, which began taking orders from residents today, expects to begin installing the first customers this summer and will accommodate them on a first-come, first-served basis. The company’s service will initially be available to customers of Duquesne Light utility territory.

SolarCity plans to open an operations center in the Pittsburgh-area soon and has already begun hiring for local positions in installation, sales and related positions. When fully staffed, SolarCity expects the new operations center will employ more than 75 people.

Area homeowners interested in SolarCity’s services can contact the company directly at 1-888-SOL-CITY (1-888-765-2489) for a free, no-obligation solar consultation or visit SolarCity online. (Original Source)

Shares of SolarCity closed last Friday at $27.99, up $0.99 or 3.67%. SCTY has a 1-year high of $63.79 and a 1-year low of $16.31. The stock’s 50-day moving average is $23.63 and its 200-day moving average is $33.76.

On the ratings front, SolarCity has been the subject of a number of recent research reports. In a report issued on April 8, Merrill Lynch analyst Krish Sankar reiterated a Buy rating on SCTY, with a price target of $40, which implies an upside of 42.9% from current levels. Separately, on April 1, Robert W. Baird’s Ben Kallo reiterated a Hold rating on the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Krish Sankar and Ben Kallo have a total average return of -7.4% and 5.0% respectively. Sankar has a success rate of 39.7% and is ranked #3481 out of 3788 analysts, while Kallo has a success rate of 49.5% and is ranked #612.

The street is mostly Bullish on SCTY stock. Out of 13 analysts who cover the stock, 7 suggest a Buy rating , 5 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $38.50, which implies an upside of 37.5% from current levels.

SolarCity Corp. engages in the business of renewable energy services such as, solar energy products and services. It offers installation, ongoing monitoring and repair services of solar energy systems in the U.S. The company provides services to homeowners, businesses, schools, non-profits and government organizations. SolarCity was founded by Lyndon R. Rive and Peter J. Rive on June 21, 2006 and is headquartered in San Mateo, CA.


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