UPDATE: Baird Equity Research Upgrades SolarCity Following Announced Close of SolarCity LMC Series I

In a report published Thursday, Baird Equity Research analyst Ben Kallo upgraded the rating on SolarCity Corp. (NASDAQ: SCTY) from Neutral to Outperform, and raised the price target from $50.00 to $71.00.

In the report, Baird Equity Research noted, “We are upgrading SCTY to Outperform and raising our price target to $71 following its announced close of SolarCity LMC Series I, LLC. The announcement represents one of the first solar asset backed securities (ABS), and separates SCTY as one of the most innovative public solar financing companies. We have lowered our discount rate for future projects based on the 4.80% interest rate of the ABS, and believe the stock will react favorably as investors recalibrate their expectations for SCTY.”

SolarCity closed on Wednesday at $53.92.