- Though four firms have hiked their SolarCity (SCTY -7.3%) targets after the company posted mixed Q2 results and reiterated its deployment guidance, investors opted to take profits.
- One possible concern: CEO Lyndon Rive mentioned on the CC (transcript) SolarCity no longer expects to be cash flow positive for 2014, as it continues ramping investments to grow its customer base.
- "With Q2 bookings much better than expected, we expect bookings to accelerate into Q3 given the backdrop of a robust US market," says Roth's Philip Shen, hiking his PT by $18 to $98. He's also impressed with SolarCity's realized value and opex per watt, and notes it has set a 2017 installation cost target of $1.90/watt (down from Q2's $2.29/watt).
- Goldman's Brian Lee (PT hiked by $4 to $96) notes activity outside of the "key states" of California, Hawaii, and Arizona is lifting bookings growth (+216% Y/Y), and expects "the closing of the Silevo acquisition and a potential financing deal for a N.Y.-based manufacturing facility to serve as positive catalysts."
- Shares still +23% YTD.
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