Citi Initiates Coverage on SunPower (SPWR) with a Hold
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Citi initiates coverage on SunPower (Nasdaq: SPWR) with a Hold. Price target $105.
Citi analyst says, "As the industry leader in conversion efficiency, we think SPWR enjoys a strong technology advantage that positions it to capture a lion's share of the niche for space-constrained solar PV applications such as residential/commercial rooftops. This technology advantage, however, comes at the expense of a higher cost structure and leaves SPWR in the undesirable position of being a premium producer w/premium prices in a commoditizing market and we believe this leaves it little competitive advantage to leverage over the longer-term."
SunPower Corporation (SunPower) is a vertically integrated solar products and services company that designs, manufactures and markets high-performance solar electric power technologies. [SM]
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