SunPower Corp. (NASDAQ:SPWR) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report issued on Thursday, AnalystRatings.Net reports. The firm currently has a $30.00 price objective on the stock. Zacks‘ price objective would suggest a potential upside of 20.00% from the company’s current price.
Zacks‘ analyst wrote, “We are upgrading our recommendation on SunPower Corp. to Outperform from Neutral encouraged by its consistent research and development efforts to improve solar cell efficiency that have yielded positive results. Its second quarter earnings easily beat our expectation and the year-ago profit level significantly, backed by strong demand for its solar panels in utility, commercial and residential projects. It also provided a raised outlook given the strength across regions and end markets. Going forward, we remain positive on SunPower due to its diversified channel strategy with a strong presence in the residential and commercial market. SPWR is also planning for a 10% reduction in operating expenses in 2013 and with 42.3% sequential production growth during the quarter, its demarcation, operationally and financially, will become more apparent during the coming reporting season.”
A number of other analysts have also recently weighed in on SPWR. Analysts at Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of SunPower Corp. (NASDAQ:SPWR) in a research note to investors on Thursday, August 1st. Separately, analysts at Northland Securities raised their price target on shares of SunPower Corp. (NASDAQ:SPWR) from $33.00 to $38.00 in a research note to investors on Thursday, August 1st. Finally, analysts at Northland Capital Partners raised their price target on shares of SunPower Corp. (NASDAQ:SPWR) from $33.00 to $38.00 in a research note to investors on Thursday, August 1st. They now have an “outperform” rating on the stock.
One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $20.58.
SunPower Corp. (NASDAQ:SPWR) traded down 0.64% during mid-day trading on Thursday, hitting $24.84. 1,038,788 shares of the company’s stock traded hands. SunPower Corp. has a 1-year low of $3.90 and a 1-year high of $28.15. The stock’s 50-day moving average is $22.82 and its 200-day moving average is $18.59. The company’s market cap is $3.012 billion.
SunPower Corp. (NASDAQ:SPWR) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.37. The company had revenue of $576.50 million for the quarter, compared to the consensus estimate of $576.99 million. During the same quarter in the prior year, the company posted $0.08 earnings per share. The company’s quarterly revenue was down 3.3% on a year-over-year basis. Analysts expect that SunPower Corp. will post $1.18 EPS for the current fiscal year.
In other SunPower Corp. news, SVP Eric Branderiz sold 4,162 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $22.40, for a total value of $93,228.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
SunPower Corporation is a vertically integrated solar products and services company that designs, manufactures and delivers solar electric systems worldwide for residential, commercial, and utility-scale power plant customers.
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