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News Breaks
March 19, 2014
08:35 EDTSCTYSolarCity remains fairly valued, says RW Baird
Baird believes SolarCity remains fairly valued following its delayed released of Q4 results. The firm noted expenses were higher than expected and guidance was maintained but Baird lowered its estimates to reflect new its new MW deployment scheduled and higher operating expenses. Shares remain Neutral rated and price target lowered to $75 from $81.
News For SCTY From The Last 14 Days
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February 10, 2016
07:14 EDTSCTYSolarCity sell-off excessive, says Stifel
Stifel blames the sharp decline in SolarCity's stock following the company's results on investors' worries about the company's ability to finance its projects going forward. However, the firm says that the company's liquidity position is "substantial," while it's making progress on monetizing its assets. As a result, the firm views the sell-off in the shares as excessive. It trimmed its price target on the name to $65 from $80 but keeps a Buy rating on the stock.
06:59 EDTSCTYAxiom says imminent downside in SolarCity is 'likely'
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06:52 EDTSCTYSolarCity price target lowered to $44 from $69 at JPMorgan
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06:51 EDTSCTYSolarCity upgraded to Strong Buy from Outperform at Raymond James
06:40 EDTSCTYSolarCity management credibility is at risk, says Deutsche Bank
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February 9, 2016
19:18 EDTSCTYOn The Fly: After Hours Movers
UP AFTER EARNINGS: Limelight Networks (LLNW), up 20%... Akamai Technologies (AKAM), up 15.7%... Marketo (MKTO), up 9.9%... Paycom Software (PAYC), up 13.8%... A10 Networks (ATEN), up 7.3%... Prospect Capital (PSEC), up 8.6%... Nuance Communications (NUAN), up 6.5%... Panera Bread (PNRA), up 2.8%. ALSO HIGHER: Empire District Electric (EDE), up 14.8% after Algonquin Power will acquire the company for $34.00 per share. DOWN AFTER EARNINGS: SolarCity (SCTY), down 32.6%... LeapFrog (LF), down 2%... Orion Energy Systems (OESX), down 23.8%... Seattle Genetics (SGEN), down 3.6%... Sangamo Biosciences (SGMO), down 7.1%... Disney (DIS), down 3.4%... Demandware (DWRE), down 2.6%. ALSO LOWER: Sunrun (RUN) is down 6.9%, Solaredge Technologies (SEDG) is down 6.6%, SunEdison (SUNE) is down 5.9%, Canadian Solar (CSIQ) is down 2.9%, SunPower (SPWR) is down 2.9%, and Tesla (TSLA) is down 2.2% following SolarCity's fourth quarter results.
17:53 EDTSCTYSolar stocks drop after SolarCity reports Q4 results
Solar stocks followed SolarCity (SCTY) down after the company reported its fourth quarter results and gave guidance for the first quarter and fiscal 2016. WHAT'S NEW: SolarCity reported Q4 earnings per share of ($2.37) against analyst expectations of ($2.59), and Q4 revenue of $115M, against consensus estimates of $105.62M. The company reported Q4 installations up 54% to 272 mega watts. Q4 commercial installations were up 82% to 51 MW while residential installations were up 49% to 221 MW. Operating Lease and Solar Energy Incentive revenue was up 53% to $75M in Q4. SolarCity sees Q1 adjusted EPS ($2.65)-($2.55), against analyst expectations of ($2.36). The company sees Q1 installations up 18% year-over-year to 180 MW. This represents a higher-than-usual seasonal slowdown due to decision to end Nevada operations and renewed focus on cash conversion cycle, particularly in longer lead-time commercial projects. The company also continues to target 1.25 gigawatts installed in FY16. The company noted that the ITC extension provides growth tailwinds. WHAT'S NOTABLE: In the earnings press release, management noted, "We closed out a strong 2015 with installations growing 73% to a record 870 MW and costs falling to new lows, though we fell short of our installation goals more than once. We are not happy with these results, and recognize our need to revamp our guidance methodology to avoid any potential shortfalls going forward. Notably, residential has consistently performed above our expectations over the last year, and we missed guidance largely on commercial installations. While we had expected the introduction in mid-2015 of a new guidance methodology that incorporated only commercial projects that were already under construction to minimize risk, clearly this wasn't sufficient. With larger projects, particularly ground-mount, this methodology still leaves sufficient time for delays to push construction past deadlines. Going forward, we plan on removing from guidance any large projects with construction deadlines late in the quarter." PRICE ACTION: Shares of SolarCity plunged 32.5% in after-hours trading to $17.79. OTHERS TO WATCH: Sunrun (RUN) is down 7%, Solaredge Technologies (SEDG) is down 8.2%, SunEdison (SUNE) is down 5.9%, Canadian Solar (CSIQ) is down 4.3%, SunPower (SPWR) is down 5.9% following SolarCity's Q4 results. Elon Musk's other publicly traded company, Tesla (TSLA), is also down after-hours by 3.1%.
16:25 EDTSCTYSolarCity backs FY16 installations 1.25 GW
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16:23 EDTSCTYSolarCity reports Q4 installations up 54% to 272 MW
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16:16 EDTSCTYSolarCity sees Q1 adjusted EPS ($2.55)-($2.65), consensus ($2.36)
Sees Q1 installations 180 MW, representing a higher-than-usual seasonal slowdown due to decision to end Nevada operations and renewed focus on cash conversion cycle, particularly in longer lead-time commercial projects. Sees GAAP operating expenses $230M-$240M.
16:16 EDTSCTYSolarCity drops sharply after earnings
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16:12 EDTSCTYSolarCity reports Q4 EPS ($2.37), consensus ($2.59)
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14:36 EDTSCTYNotable companies reporting after market close
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February 8, 2016
15:12 EDTSCTYSolarCity volatility elevated into Q4 and outlook
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07:26 EDTSCTYDeutsche reiterates Buy rating, $64 target on SolarCity
Deutsche Bank analyst Vishal Shah reiterates a Buy rating on SolarCity with a $64 price target in a research note addressing recent investor concerns. The seller of renewable energy closed Friday up 8c to $29.57. The shares are likely pricing in a worst case scenario, Shah tells investors. He believes the recent five-year extension of the federal Investment Tax Credit for solar could add $30 of incremental equity value. The analyst also believes concerns around SolarCity's availability of capital to achieve 2016 installation targets maybe overblown. The company has sufficient access to tax equity markets and can sell operating assets to achieve growth objectives, Shah contends.
February 5, 2016
09:30 EDTSCTYSolarCity added to Conviction List at Avondale
February 2, 2016
16:19 EDTSCTYElon Musk boosts SolarCity stake to 21.7%
Elon Musk disclosed an increased stake of 21.7% in SolarCity, which represents 21.28M shares, as of December 31, 2015. Musk, who is Chairman of the Board and founder of the company, holds the shares in a revocable trust.
February 1, 2016
05:13 EDTSCTYSolarCity implied volatility of 117 at upper end of index mean range
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January 29, 2016
08:43 EDTSCTYSolarCity and Sunrun to benefit from CPUC decision, says Morgan Stanley
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07:48 EDTSCTYSolarCity to benefit from new California rule, says Stifel
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