Baird Downgrades SunPower (SPWR) to Neutral; Underestimated Solar Market Oversupply
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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."
Shares of SunPower closed at $7.16 yesterday.
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Create E-mail Alert Related CategoriesAnalyst PT Change, Downgrades
Related EntitiesRobert W Baird, Ben Kallo
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