Auriga Still a 'Hold' On SunPower (SPWRA) After Q1 Results

May 12, 2010 11:17 AM EDT
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Price: $7.29 --0%

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Auriga maintains a 'Hold' rating and $15.00 Price Target on SunPower Corporation (Nasdaq: SPWRA) while results were delivered within the boundaries of prior guidance although below the consensus.

SunPower reported Q1 EPS of $0.05, versus the consensus of $0.08. Revenues were $347 million, versus the consensus of $346.6 million. The company also reaffirmed guidance.

According to an Auriga analyst, "The management team was optimistic, but likely not enough to get the stock moving up in the near term. The discussion largely focused on SunPower's transformation into an EPC business model, a topic that investors have yet to see yield tangible results... The predictability of revenue recognition will need to be demonstrated before investor sentiment turns positive."

Shares of SunPower are down 7% today to $14.17.

To see all the upgrades/downgrades on shares of SPWRA, visit our Analyst Ratings page.

SunPower Corporation, together with its subsidiaries, designs, manufactures, and markets solar electric power technologies.

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