Baird Downgrades SolarCity, Reaffirms Price Target

SolarCity (NASDAQ: SCTY) was cut to Neutral by Baird analyst Ben Kallo, although he maintained his price target of $83.

In his note, Kallo felt the “recent rapid appreciation” made the risk/reward less compelling, with shares having rallied 45 percent off the June 10 lows.

Shares of SolarCity traded down 2.48 percent recently at $70.26. The $83 price target has 18 percent upside from current levels.