Baird Said Buy SunPower (SPWR) Ahead of Q3 Earnings and Nov. 13 Analyst Day

Baird analyst Ben Kallo reiterated an Outperform rating and $48 price target on SunPower (NASDAQ: SPWR) ahead of third quarter results due on September 29 after the close.

Kallo commented, "We believe estimates are calibrated correctly and expect light news flow given SPWR’s upcoming analyst day. We will look for an update on SPWR’s Fab 4 and current efficiency rates, and an update on SPWR’s global pipeline including C7 demand. We continue to believe SPWR is best positioned for long-term growth and would be buyers ahead of SPWR's November 13 analyst day."

For the quarter, the firm expects non-GAAP revenue and non-GAAP net income of $631.9M and $33.5M vs. consensus of $631.2M and $37.8M, respectively. Their non-GAAP EPS estimate is $0.21 vs. consensus of $0.24.

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 $31.26 yesterday.

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