AmTech Reiterates Buy on SunPower (SPWR); $164 PT
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American Technology Research reiterates its Buy rating and $164 price target on SunPower Corp. (Nasdaq: SPWR).
The firm believes SunPower has positioned itself appropriately to "weather any geographic demand shift on the horizon" through its pre-emptive move into the Italian energy market. AmTech calls Italy "the heir apparent to the growth of the Spanish solar market" given its expensive rates of electricity ($0.21), its large share of electricity generation compared to the rest of Europe (8%) and its low dependence on alternative and, specifically, solar power sources (5.2% of its electricity from renewable sources and under 1% from solar).
AmTech notes that SunPower will only need to install about 22MW in Italy during Q4 to meet the firm's FY08 estimates, which it calls "quite achievable."
SunPower Corporation engages in the design, manufacture, and marketing of solar electric power technologies.
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