On Solar City’s problems, Wall Street catching up to Watchdog

[Geee]

Watchdog.org:

Solar City, the green energy project championed by tech billionaire Elon Musk, got a dose of bad news from Wall Street last week.

 

The company’s stock is trending downward and took another hit as two major investment banks advised investors to stay away, citing concerns about Solar City’s high levels of debt and an overall business plan dependent on dwindling subsidies from states and the federal government.

 

STUCK IN PARK: Solar City’s stock is trading at less than $20 per share this week, well down from the high of $86 two years ago. In all, the bad news tracks with what Watchdog reported in 2014 during a multi-part investigation into Solar City’s financial information.

In all, the bad news tracks closely with what Watchdog reported in 2014 during a multi-part investigation of Solar City’s financial information.

JP Morgan downgraded its projection for Solar City’s stock, which was trading at $18.01 per share when markets closed on Tuesday. The bank slashed its price target for Solar City from $44 per share to $29 per share

“SolarCity is having trouble attracting new investors, as the company has launched and canceled programs and altered its accounting methods,” JPMorgan wrote in a message to clients, according to MarketWatch, a Wall Street insider publication.

Barclay’s, another investment bank, downgraded Solar City’s stock in early February, setting a new price target of $20 per share, down from a previous target of $49 per share.