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Actionable news in SCTY: SolarCity Corporation,

One Reason Why SolarCity (SCTY) Stock Is Rallying Today

NEW YORK (TheStreet) -- SolarCity (SCTY - Get Report) stock is soaring by 10.77% to $19.74 in late-morning trading on Wednesday, as some analysts remain bullish despite the renewable energy company's disappointing 2016 first quarter financial results.

Shares of SolarCity plunged by 21% on Tuesday after the company reported a wider-than-anticipated first quarter loss, forecast a deeper-than-expected second quarter loss and cut its installation estimates after Monday's market close.

SolarCity consequently received ratings downgrades to "neutral" from "buy at Merrill Lynch and to "market perform" from "outperform" at Avondale Partners, but bulls stand by the stock given its valuation.

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