Raymond James Sees SolarCity Shares Benefiting From Lease Ban Lift; Shares Rally

SolarCity Corp (NASDAQ: SCTY) jumped 4 percent Monday morning. The surge may have came from a ban being lifted on third party financing opportunities in Georgia, according to a Raymond James analyst.

The firm’s Pavel Molchanov said in an earlier research note that SolarCIty has a “viable opportunity” for geographic expansion. This particular bill has passed committee review and is up for vote in House and Senate. Molchanov believes that controversy over the bill is “highly unlikely,” which bodes well for the energy services company.

Raymond James holds an Outperform rating and $75 price target on shares of SolarCity.

SolarCity closed Monday at $50.16, up 3.85 percent; Molchanov’s price target implies potential upside of about 50 percent.