SunPower (NASDAQ:SPWR) Rating Increased to Equal Weight at Morgan Stanley

SunPower (NASDAQ:SPWR) was upgraded by stock analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Thursday, Price Targets.com reports. The brokerage currently has a $23.00 price objective on the semiconductor company’s stock, down from their previous price objective of $27.00. Morgan Stanley’s target price indicates a potential upside of 14.09% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. cut shares of SunPower from a “neutral” rating to an “underweight” rating and set a $27.00 price target for the company. in a report on Thursday, December 9th. They noted that the move was a valuation call. Cfra cut shares of SunPower from a “buy” rating to a “sell” rating and set a $26.00 price target for the company. in a report on Monday, November 8th. Evercore ISI assumed coverage on shares of SunPower in a report on Wednesday, September 22nd. They issued an “outperform” rating and a $27.00 price target for the company. Piper Sandler reduced their price objective on shares of SunPower from $26.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, January 7th. Finally, Truist Securities dropped their price target on shares of SunPower from $28.00 to $26.00 and set a “hold” rating on the stock in a research report on Wednesday, October 6th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, SunPower has an average rating of “Hold” and an average target price of $26.29.

SPWR opened at $20.16 on Thursday. SunPower has a twelve month low of $18.55 and a twelve month high of $57.52. The company has a quick ratio of 2.28, a current ratio of 2.89 and a debt-to-equity ratio of 1.27. The company has a fifty day moving average of $24.73 and a 200-day moving average of $24.91. The stock has a market cap of $3.49 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 5.19 and a beta of 2.02.

SunPower (NASDAQ:SPWR) last posted its quarterly earnings data on Wednesday, November 3rd. The semiconductor company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.05. SunPower had a net margin of 27.71% and a return on equity of 8.15%. The company had revenue of $323.64 million during the quarter, compared to analysts’ expectations of $325.52 million. During the same period in the prior year, the company posted ($0.06) earnings per share. Sell-side analysts anticipate that SunPower will post 0.08 EPS for the current fiscal year.

In other SunPower news, CFO Manavendra Sial sold 12,634 shares of SunPower stock in a transaction on Monday, November 8th. The shares were sold at an average price of $32.90, for a total transaction of $415,658.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.67% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its holdings in SunPower by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 23,497 shares of the semiconductor company’s stock valued at $533,000 after acquiring an additional 316 shares during the period. Banque Cantonale Vaudoise purchased a new position in shares of SunPower in the 2nd quarter valued at about $29,000. State Board of Administration of Florida Retirement System boosted its stake in shares of SunPower by 4.7% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 30,011 shares of the semiconductor company’s stock valued at $877,000 after buying an additional 1,357 shares during the period. Green Alpha Advisors LLC lifted its stake in SunPower by 1.6% during the fourth quarter. Green Alpha Advisors LLC now owns 88,826 shares of the semiconductor company’s stock worth $1,854,000 after purchasing an additional 1,392 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its stake in SunPower by 5.5% during the second quarter. Baird Financial Group Inc. now owns 28,714 shares of the semiconductor company’s stock worth $839,000 after purchasing an additional 1,504 shares during the last quarter. Hedge funds and other institutional investors own 32.12% of the company’s stock.

About SunPower

SunPower Corp. engages in the design, manufacture and deliver of solar panels and systems. It operates through the following business segments: Residential, Light Commercial; Commercial & Industrial Solutions; and Other. The Residential, Light Commercial segment refers to the sales of solar energy solutions, including sales to its third-party dealer network and resellers, storage solutions, cash and loan sales, and long-term leases directly to end customers.

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Analyst Recommendations for SunPower (NASDAQ:SPWR)

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