Shares of SolarCity Corp. (NASDAQ:SCTY), the solar panel maker and installation firm founded by Tesla Motors (NASDAQ:TSLA) CEO Elon Musk, rose almost 7 percent on Thursday after Deutsche Bank analysts urged clients to buy the shares and suggested the stock should hit $90.

The shares traded Thursday afternoon at $75.34.

“We estimate the company's market penetration is 0.2 percent in existing markets, which implies considerable room for expansion within current markets and into new markets,” analysts from Deutsche Bank said in a note. “We believe SCTY's cumulative [megawatts] deployed can reach at least three gigawatts (GW) by 2016, which would still imply only 1 percent market penetration.”

The company's 31 operations centers serve thousands of customers in 14 states, including homeowners, more than 100 schools (including Stanford University), government agencies such as the U.S. Armed Forces, the Department of Homeland Security and corporate clients like eBayIntel and Walmart. Musk is SolarCity's chairman.

Deutsche Bank’s 2016 estimates are project conservative growth as the company has a target to reach 1 million customers, which implies it wants to reach 6GW deployed by mid-2018.

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