by Christopher Freeburn | January 16, 2014 10:00 am
Solar power developer SolarCity (SCTY) received a vote of confidence from Deutsche Bank (DB) analyst, sending SCTY stock surging more than 6% in Thursday morning trading.
Vishal Shah opened Deutsche Bank’s coverage of SCTY stock by setting a price target of $90 for SolarCity shares. SolarCity stock currently trades around $73 a share. Shah gave SolarCity shares a “Buy” rating, StreetInsider notes.
According to Shah, SolarCity will benefit from the expansion of distributed power generation systems. He expects the install base of Solar City customers to double by 2016.
Shah noted that SolarCity would see gain “operating leverage” from increased sale volumes for solar power systems.
Last week, Goldman Sachs (GS) upgraded SolarCity shares to a “conviction-buy,” sending SCTY stock up sharply.
SolarCity shares have risen more than 380% over the past year.
Source URL: http://investorplace.com/2014/01/solarcity-analyst-says-scty-stock-soar-30/
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