Needham & Company Maintains an 'Underperform' on SunPower (SPWRA); Combination of Two Classes of Common Stock Could Trigger More Downward Pressure
Tweet Send to a FriendGet Alerts SPWRA Hot Sheet
Price: $7.29 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade SPWRA Now!
Needham & Company maintains an 'Underperform' on SunPower (NASDAQ: SPWRA).
Needham analyst says, "SunPower announced a proposal to combine its Class A and Class B common stocks into a single stock. A shareholder vote is expected on November 15, 2011. The announcement did not come as a surprise, given that SunPower has previously voiced intentions to re-class to a single common stock. We expect the immediate reaction will lead to lower SPWRA stock price, since SPWRB is trading at a 19% discount. Longer-term, we believe a single class of common stock will allow for more transparent market valuation of SunPower. Based on factors including weaker industry fundamentals, increased competition in high-efficiency, aggressive consensus estimates, and lowered peer valuations, we maintain our Underperform rating."
For more ratings news on SunPower click here and for the rating history of SunPower click here.
Shares of SunPower closed at $11.98 yesterday, with a 52 week range of $11.64-$23.36.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Needham analyst says, "SunPower announced a proposal to combine its Class A and Class B common stocks into a single stock. A shareholder vote is expected on November 15, 2011. The announcement did not come as a surprise, given that SunPower has previously voiced intentions to re-class to a single common stock. We expect the immediate reaction will lead to lower SPWRA stock price, since SPWRB is trading at a 19% discount. Longer-term, we believe a single class of common stock will allow for more transparent market valuation of SunPower. Based on factors including weaker industry fundamentals, increased competition in high-efficiency, aggressive consensus estimates, and lowered peer valuations, we maintain our Underperform rating."
For more ratings news on SunPower click here and for the rating history of SunPower click here.
Shares of SunPower closed at $11.98 yesterday, with a 52 week range of $11.64-$23.36.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Jefferies Lifts Numbers on Diana Shipping (DSX) Post Q1
- MKM Partners Lifts PT on KB Home (KBH) After Management Meetings
- Workday (WDAY) Success Continues but Valuation Lofty, Goldman Maintains Neutral
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Needham & Company
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
