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