Mizuho Downgrades SunPower (SPWR) to Underperform, 'Running Out of Time and Cash'

Mizuho analyst Maheep Mandloi downgraded SunPower (NASDAQ: SPWR) from Neutral to Underperform with a price target of $0.50 (from $4.00).

The analyst comments "We downgrade SPWR to Underperform after news that the company is stopping lease and PPA installations, the most favored financing options in the industry, likely due to balance sheet constraints. Recall that balance sheet constraints have been exacerbated due to SPWR's inability to raise capital without a 2023 10k filing, and a potential 6+ month further delay in 10k filing after its auditors resigned on June 27. We reduce our PT to $0.5 from $4, which is now based on a rundown valuation and assuming a 15% write-off/discount on inventory, receivables and PP&E."

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 $1.51 yesterday.

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