Deutsche Bank Downgrades SunPower (SPWR) to Hold
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Deutsche Bank downgraded SunPower (NASDAQ: SPWR) from Buy to Hold with a price target of $11.00 (from $37.00). The change follows the release of Q2 results and disappointing outlook.
"While we had acknowledged that back-end loaded 2016 EBITDA guidance was likely to remain a drag on SPWR shares, the level of EBITDA guide down for both 2016 and 2017 would surprise a lot of investors. Considering the challenging outlook for US utility market in 2017 and given the secular decline of SPWR’s opportunity in the international power plant segment, we are lowering our rating to Hold, price target to $11," said Analyst Vishal Shah.
Shares of SunPower closed at $14.78 yesterday.
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