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Fly News Breaks for May 4, 2015
SCTY
May 4, 2015 | 08:08 EDT
As previously reported, Baird downgraded SolarCity to Neutral from Buy and lowered its price target to $65 from $76. SolarCity is expected to introduce a "levered" retained value metric in the near-term, which the firm expects will be perceived as a negative as it will be lower than undelivered retained value. Additionally, Baird said SolarCity continues to spend cash to build the business and the regulatory backdrop creates market/headline risk.
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