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Guggenheim Securities adds SolarCity, Sunrun to alternative energy sector coverage

Guggenheim Securities LLC continues to expand its coveragein the alternative energy sector,initiating residential solar players SolarCityCorp. and Sunrun Inc.with "buy" ratings on May 3.

"With the public market for Yieldco type structures influx, we think residential solar players will try to go down a different pathand monetize the assets by selling to private investors," the analystssaid, noting SolarCity's recent equitysale to John Hancock Financial as an example.

SolarCity, which was given a $38 price target, has a "significantcompetitive advantage" with its low cost structure, Guggenheim analystssaid. Sunrun, on the other hand, was given a $14 price target to reflect a $6per share value on its developer company, or DevCo, and the assumption of acontinued downward trajectory for costs.