Baird downgrades SolarCity, cites valuation

Believing good news is priced in at current levels, Baird has downgraded SolarCity (SCTY -1%) to Neutral. Its target is still at $83.

Baird had only upgraded SolarCity on April 17, when shares were at $56.11. At the time, the firm called SolarCity "the stock most levered to the U.S. rooftop market, which will likely undergo a boom over the next several years."

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