Janney Montgomery Scott Downgrades SunPower (SPWRA) to Neutral; Moving to Sidelines
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Janney Montgomery Scott downgrades SunPower (Nasdaq: SPWRA) from Buy to Neutral.
Janney analyst says, "While accounting issues are never simple, we believe this second set in the last 12 months will cause investors to step to the sidelines, which is what we recommend. The company needs to get its internal controls into better shape and rebuild investor confidence. We believe there is fundamental value here, but the stock will likely not reflect that for some time. We are not changing our forward estimates and continue to value the company based on our 2011 GAAP EPS estimate of $2.47 but at a discounted valuation 10x earnings...We are still modeling Q409 revenue and EPS of $484 million and $0.47 vs. $490 million and $0.49. For CY2010 we are modeling revenue and EPS of $2.1 billion and $2.03 vs. consensus of $2.05 billion and $1.83. For CY2011 we have revenue and EPS of $2.6 billion and $2.94 vs. consensus of $2.7 billion and $2.43."
To see all the upgrades/downgrades on shares of SPWRA, visit our Analyst Ratings page.
SunPower Corporation engages in the design, manufacture, and marketing of solar electric power technologies.
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