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."
In related news, Goldman also downgraded First Solar Inc. (FSLR) to sell and noted that the company is not positioned for near-term growth.