SolarCity Corporation (SCTY) : Analyst Rating Update

SolarCity Corporation (SCTY) : 13 analysts are covering SolarCity Corporation (SCTY) and their average rating on the stock is 2.38, which is read as a Buy. 5 equity analysts believe that the stock has a bright future and the price doesnt capture all of its upside, hence they rate the stock as a Strong Buy. A Zacks Investment Research rank of 3, which recommends a Hold affirms that they expect a large upside in the stock from the current levels. However, 1 analysts consider that the stock has more downward risks ahead, hence, they suggest a Strong Sell on the stock. A total of 7 brokerage firms believe that the stock is fairly valued, hence they advise a Hold on the stock.

SolarCity Corporation (SCTY) has been rated by 12 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $69 and the lowest price target forecast is $19. The average forecast of all the analysts is $33.67 and the expected standard deviation is $14.87.

SolarCity Corporation (NASDAQ:SCTY): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $23.25 and $23.25 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $24.31. The buying momentum continued till the end and the stock did not give up its gains. It closed at $24.08, notching a gain of 1.78% for the day. The total traded volume was 2,883,496 . The stock had closed at $23.66 on the previous day.

Also, Credit Suisse downgrades their rating on the shares of SolarCity Corporation (NASDAQ:SCTY). The current rating of the shares is Neutral. Earlier, the shares were rated a Outperform by the brokerage firm. Equity Analysts at the Firm lowers the price target to $27 per share from $38 per share. The rating by the firm was issued on July 1, 2016. The company shares have dropped -54.04% from its 1 Year high price. On Aug 5, 2015, the shares registered one year high at $61.72 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $22.29 and the 200 Day Moving Average price is recorded at $27.97.

SolarCity Corporation (SolarCity) sells renewable energy. The Company integrates the sales, engineering, installation, monitoring, maintenance and financing of its distributed solar energy systems. It offers long-term energy solutions to residential, commercial and government customers. It offers its customers the option to either purchase and own solar energy systems or to purchase the energy that its solar energy systems produce through various contractual arrangements. The Companys products, services and technologies include solar energy systems, customer agreements, grid control / energy storage systems, Zep solar mounting systems and software. The Companys wholly owned subsidiary, Zep Solar, Inc. (Zep Solar) licenses its Zep Groove technology to photovoltaic module and power electronics manufacturers, and supplies the Company with complementary mounting and grounding hardware. The Company served customers in 15 states and the District of Columbia, United States.

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