Baird Downgrades SunPower (SPWR) to Neutral; Underestimated Solar Market Oversupply

November 17, 2016 6:25 AM EST
Get Alerts SPWR Hot Sheet
Price: $6.99 +1.75%

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 downgraded SunPower (NASDAQ: SPWR) from Outperform to Neutral with a price target of $7.00 (from $12.00).

Analyst Ben Kallo commented, "We underestimated the extent and duration of the solar market oversupply, and believe the industry continues to deteriorate and will remain in a glut for at least 4+ quarters. Rapid ASP declines could make it difficult for SPWR’s highly efficient modules to command premium pricing. While restructuring initiatives should help SPWR to emerge from the oversupply environment, we believe stock appreciation will be difficult due to many industry headwinds."

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 $7.16 yesterday.

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