NEW YORK (TheStreet) -- SolarCity Corp
(SCTY) hit an all-time high on Monday morning with a gain of 10.6% in early trading after Goldman Sachs upgraded the stock.
Analysts at Goldman added SolarCity to its "Conviction Buy" list and the stock hit its highest price ever at nearly $67 a share. The San Mateo, Calif.-based company had been trading at less than $60 a share when the market closed last Friday.
"We see roughly 35% upside to our new 12-month price target of $80 (vs. $65)," the Goldman report notes. "SolarCity is well positioned to capitalize on fast rooftop growth. Plus, leverage to 'own and operate' economics argue for $40 a share of intrinsic value, thus limiting downside."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV