SolarCity Corp Stock Rating Reaffirmed by Credit Suisse (SCTY)

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SolarCity Corp (NASDAQ:SCTY)‘s stock had its “outperform” rating restated by research analysts at Credit Suisse in a report released on Friday. They currently have a $93.00 price target on the stock, up from their previous price target of $75.00. Credit Suisse’s price objective indicates a potential upside of 28.92% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of SolarCity Corp from $72.00 to $77.00 in a research note on Tuesday, July 15th. They now have an “overweight” rating on the stock. Separately, analysts at Canaccord Genuity initiated coverage on shares of SolarCity Corp in a research note on Wednesday, July 2nd. They set a “buy” rating and a $94.00 price target on the stock. Finally, analysts at Roth Capital raised their price target on shares of SolarCity Corp from $65.00 to $80.00 in a research note on Wednesday, June 18th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $83.44.

SolarCity Corp (NASDAQ:SCTY) traded up 0.26% on Friday, hitting $72.35. 2,913,601 shares of the company’s stock traded hands. SolarCity Corp has a 52 week low of $28.31 and a 52 week high of $88.35. The stock’s 50-day moving average is $64.26 and its 200-day moving average is $64.54. The company’s market cap is $6.663 billion. SolarCity Corp also saw a large decrease in short interest in July. As of July 15th, there was short interest totalling 10,988,571 shares, a decrease of 23.1% from the June 30th total of 14,282,284 shares. Based on an average daily volume of 4,281,529 shares, the short-interest ratio is currently 2.6 days. Approximately 22.9% of the company’s shares are short sold.

SolarCity Corp (NASDAQ:SCTY) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.26) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.74) by $0.48. The company had revenue of $63.54 million for the quarter, compared to the consensus estimate of $53.39 million. During the same quarter in the prior year, the company posted ($0.41) earnings per share. The company’s quarterly revenue was up 111.9% on a year-over-year basis. Analysts expect that SolarCity Corp will post $-3.86 EPS for the current fiscal year.

SolarCity Corporation (NASDAQ:SCTY) is engaged in the design, installation and sale or lease of solar energy systems to residential and commercial customers, or sale of electricity generated by solar energy systems to customers.

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