U.S. solar leasing company SolarCity has enjoyed another fillip to its share price after Deutsche Bank analysts upgraded its stock to ‘buy' yesterday.
Stock market analysts at the German bank set a $90/share target price for the stock, which was trading at $77.6/share at the time of going to press, and said it could rise as high as $150/share over the next two years in bull market conditions.
SolarCity was a U.S. pioneer of the rooftop system leasing model which allows householders to avoid the upfront purchase price of panels in return for a monthly payment and lower energy bills and the company claims to install almost one in three of new rooftop solar systems in the country.
With more than 80,000 customers on its books, Deutsche Bank says that figure could double by the end of the year and SolarCity is aiming for a million customers by 2018.
Deutsche Bank's analysts predict solar will reach grid parity in the States by 2016 thanks to falling technology costs and cited that scenario as the reason for the upgrade in the company's stock.
SolarCity whose chairman and major shareholder is PayPal and Tesla Motors co-founder and SpaceX founder Elon Musk recently acquired peer-to-peer financial technology firm Common Assets with the aim of introducing a paltform which will allow individuals and small organizations to invest in solar.
The company has also launched the Give Power Foundation which will see it donate solar-powered lighting to an off-grid school for every MW of residential it installs in the U.S.
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