Bernstein believes that the 33% after-market sell-off in SolarCity following the company's results was excessive. The firm says that the company's lower than expected installation volumes in Q4, along with the lower volume per watt in its deployments in Q4, helped cause the decline. However, the firm thinks the outlook for the company's 2016 installation volumes has improved, and it expects the company to meet its 2016 installation guidance. Additionally, Bernstein says that falling prices and capacity "should not prevent the company from recovering its full upfront investment on projects." Bernstein keeps a $62 price target and Outperform rating on SolarCity.