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New Stock Coverage: SolarCity Doesn't Need Fireworks to Light It Up


Wall Street ratings agencies set the tone for today's stock market.

SolarCity (NASDAQ:SCTY) Chairman Elon Musk is seeing his stock options in the alternative energy outfit, already up 76.71% in the past 12 months, advance another 3.34% this morning on an upbeat analyst initiation. (The Tesla Motors (NASDAQ:TSLA) CEO can thus afford to be sanguine about a customer in China having just destroyed his car to protest that company's "arrogance.") SolarCity has been the subject of recent CNBC speculation that it may one day join the Dow (INDEXDJX:.DJI).
Unless you were an unloved Goldman Sachs (NYSE:GS), which somehow contrived to drop a Dow-worst 0.38% even as the index rose to records, it was the sort of day when anyone could make money. The upbeat tone that sent S&P 500 (INDEXSP:.INX) stocks to fresh bests was set early overnight in Asia, where Sino manufacturing activity advanced for the first time all year, before an equivalent report in America showed its 13th straight month of increases. (So much for China cleaning our clock in that category.) Goldman's CEO once infamously claimed to do "God's work," but that is surely best left to the Pope. Especially after the Buenos Aires-born Pontiff inspired Argentina's main Merval (BCBA:IAR) market, up another 2.96% yesterday, to easily the planet's best performance this year. And for good measure, yesterday his country was saved by an Ángel on the fútbol field. The Vatican wisely took to Twitter (NYSE:TWTRduring that match on a day the social networking name jumped 2.64%. The news was also excellent over at Argentina's Latin arch rival BanColombia (NYSE:CIB) as our World Cup pick from Medellín gained 1.30%, although -- today of all days -- they will know it is only a game. Staying in the banking sector, the torrid time for Britain's Barclays (NYSE:BCS) continued. Last week it slumped on dark-pool concerns, and now a customer in England has quite literally summed up what many think of the financial industry. Jean-Claude Van Damme, a.k.a. "The mussels from Brussels," will have enjoyed a 4.24% jump in gym giant Nautilus (NYSE:NLS), although Americans didn't have much time for Belgium yesterday. Netflix (NASDAQ:NFLX) surged 7.38% after Goldman showed itself to be a film buff. And, moving from buff to Buffett, Warren's 85-year-old muse finally called it quits. She was born in 1929. Proof that, for the financial community, at least one good thing did come out of that calamitous year.
Today in economics, factory orders for May are expected to contract from April's pace at 10:00 a.m. EDT. On the corporate front, Constellation Brands (NYSE:STZ) and Greenbrier Companies (NYSE:GBX) each released strong quarterly earnings earlier this morning.
Now let's turn to this morning's new stock coverage, a list that includes a couple other alternative energy companies in addition to SolarCity.

Alternative EnergyCanadian Solar (NASDAQ:CSIQ) and SunEdison (NYSE:SUNE) both get begun with Buys at Canaccord Genuity, whose respective price objectives are $43 and $30.
Artisan Partners Asset Management (NYSE:APAM): BMO Capital covers the company at Perform. Its target price is $58.
Atlas Energy (NYSE:ATLS): The limited partnership is launched at Outperform with a $55 objective at RBC Capital, which hails its top-tier distribution growth.
Criteo (NASDAQ:CRTO):BNP Paribas begins coverage at Outperform.
Enphase Energy (NASDAQ:ENPH): Shares are initiated with a Buy at Canaccord Genuity, whose price objective is $11.
FireEye (NASDAQ:FEYE): FEYE is a fresh Market Perform ($37 target) at Northland Capital, which cites a steep valuation for not being more optimistic.
Intercept Pharmaceuticals (NASDAQ:ICPT): Shares are a new Neutral at Goldman Sachs.
JDS Uniphase (NASDAQ:JDSU): JPMorgan has a Neutral and $12.50 target on the fiber optic firm.
Palo Alto Networks (NYSE:PANW): PANW is picked up at Outperform by Northland Capital.
SolarCity: Today's headline analyst initiation is assigned a bullish Buy at Canaccord Genuity. Its price objective is $94.
StemCells (NASDAQ:STEM): Shares are surging before the bell on an Outperform initiation at Brinson Patrick, whose target is $7.
Yahoo Japan (OTCMKTS:YAHOY): Jefferies starts the stock at a Buy.

Also see:

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