UBS Reiterates Buy After Meeting with SunPower (SPWR) Management

September 2, 2016 9:05 AM EDT
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Price: $6.73 -1.75%

Rating Summary:
    14 Buy, 25 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 18 | New: 11
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UBS reiterated a Buy rating and $13.00 price target on SunPower (NASDAQ: SPWR) after meeting with management. Following the near zeroing out of expectations for its Power Plant build with 2Q, the story has meaningfully shifted towards resi and commercial execution.

Analyst Julien Dumoulin-Smith commented, "We held our latest meeting with mgmt. at their California HQ to discuss prospects after the cut to the outlook with 2Q results. Overall, mgmt. was sober on its prospects and is focused on reducing costs and repositioning the company to hits its latest targets. Mgmt is in the midst of its wider ~10% reduction in Opex to realign its headcount with reduced deployment. Mgmt did not offer comfort on 2017, but instead emphasized the cycle was poised to turn in 2018 and particularly 2019 as the next 'peak' year in the ITC. Our Buy rating rests on this recovery, with margin improvement in particular."

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 $10.10 yesterday.

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