SunPower (SPWR) PT, Estimates Lowered at Baird Post Q3; 'Outperform' Maintained

November 10, 2016 6:28 AM EST
Get Alerts SPWR Hot Sheet
Price: $7.04 +2.47%

Rating Summary:
    14 Buy, 25 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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.

For an analyst ratings summary and ratings history on SunPower click here. For more ratings news on SunPower click here.

Shares of SunPower closed at $6.30 yesterday.

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