SolarCity Corp. (NASDAQ: SCTY) shares were pounded in the after-hours market on Tuesday following the solar installer’s fourth-quarter earnings report. The stock closed at $26.35 and opened Wednesday morning at $19.42, down 26%. Shares dropped another 10% on Thursday, before bargain hunters pushed shares up more than 4% on Friday.
The company’s earnings were dominated by its forecast, which calls for SolarCity to be down 34% in the first quarter. The stock, at least to investors, remains a growth story, and if growth is slowing, well, they will tend to look elsewhere for returns.
Analysts may see things a bit differently. Many think that the company is doing the right thing by foregoing growth in installation volume and looking to grow by going after higher value projects. Add to that the stock’s really low price and there is plenty to look forward to with SolarCity.
24/7 Wall St.Here are some analyst reactions to the company’s earnings report:
- Barclays cut its rating from Overweight to Equal Weight and lowered its price target from $49 to $20.
- Bank of America Merrill Lynch has a Buy rating on the stock but cut its price target from $75 to $40.
- Credit Suisse maintained an Outperform rating and lowered its price target from $124 to $89.
- Raymond James raised it from Outperform to Strong Buy, even though the firm cut its price target from $75 to $60.
- Roth Capital downgraded the stock from Buy to Neutral and slashed its price target from $64 to $19.
SolarCity shares closed at $17.38 on Friday, up about 4.3% for the day, in a 52-week range of $16.31 to $63.79. The consensus price target on the stock is $47.33, although recent changes may not yet be reflected.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
