Analyst Actions: SolarCity Coverage Initiated With Outperform, TP of $22; Shares Hit 52-Week High, Up 12%,


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Analysts at Credit Suisse have initiated coverage of SolarCity Corp. ( SCTY ) with an Outperform rating and a price target of $22 a share.

"SolarCity is a rapidly growing energy service provider in the distributed solar generation market," said the firm. "Lower panel prices, rising retail electricity prices, low interest rates, and stable federal incentives have enabled a relatively new class of companies such as SCTY to become viable.

Credit Suisse added that "we expect stable pricing; key utilities in SCTY's markets have applied for rate increases of 5-10% to the CPUC."

Shares of SCTY have jumped more than 12% to $16.15, backing off a new 52-week high of $16.40 hit earlier today.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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