Energy
How Analysts Are Treating SolarCity After Earnings
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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.
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