Axiom analyst Gordon Johnson II noted that SolarCity's current quarter MW bookings have lagged forward quarter MW installations by 40% on average since the first quarter of 2014, which he equates to the company overstating its backlog by 40%. Johnson sees the company's decision to include pre-existing or proposed Nevada and Solar River Project bookings, which may potentially be canceled, in its Q1 backlog as "highly indicative of dubious backlog." The analyst, who contends that an "acute" downward guidance revision is "imminent," has a Sell rating and $7 price target on SolarCity shares.