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Tesla Motors (TSLA), SolarCity Merger Still Has Its Skeptics

NEW YORK (TheStreet) -- Tesla Motors' (TSLA) efforts to merge with SolarCity (SCTY) got a big boost Friday when shareholder advisory firm Institutional Shareholder Services recommended that the companies' investors approve the deal.

Elon Musk's effort to unite the two companies he holds deep ties to has been on the table since June 21, the bid was originally valued at $2.8 billion. Musk is CEO of the automaker and chairman of the solar energy company.

There are some that are still skeptical of the deal despite ISS' vote of confidence.

"I am very cautious on the deal," UBS analyst Colin Langan said on CNBC's "Power Lunch" Friday. "If you look at SolarCity it's, from an operating perspective, burning through cash. Tesla itself is burning through cash. That's adding more risk on the company."

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