SunPower (SPWR) PT, Estimates Lowered at Baird Post Q3; 'Outperform' Maintained
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesRobert W Baird, Ben Kallo
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