SunPower (SPWR) PT, Estimates Lowered at Baird Post Q3; 'Outperform' Maintained
- World stocks hold near 16-month highs after strong week
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Oil edges higher on optimism over non-OPEC output cuts
- Restoration Hardware (RH) Tops Q3 EPS by 4c; Guides Well Below the Street
- Sibanye Gold (SBGL) to Acquire Stillwater Mining Company (SWC) in $2.2B Deal
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Baird analyst Ben Kallo lowered his price target on SunPower (NASDAQ: SPWR) to $12.00 (from $16.00) following results and lowered guidance but maintained an Outperform rating.
Kallo commented, "Q3 results were largely in line with our top line estimate and beat on EPS, although sustained pricing pressure from an oversupply environment will likely weigh on the stock. SPWR lowered FY:16 guidance for the second quarter in a row, and expects market oversupply may last through 2017. We believe the market is nearing bottom and continue to recommend shares for long-term investors, but will look for additional clarity from FSLR’s guidance call on November 16."
The firm cut FY 2016 EPS from $0.19 to ($0.33) and FY 2017 EPS from $0.95 to $0.19.
Shares of SunPower closed at $6.30 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Restoration Hardware (RH) PT Cut to $30 at Cowen
- Lululemon (LULU) Q3 'Solid Beat Across the Board', PT to $82 - Susquehanna
- Mizuho Securities Upgrades Lululemon Athletica Inc. (LULU) to Buy; Sees Upside Continuing
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRobert W Baird, Ben Kallo
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!