Lazard Downgrades SunPower (SPWRA), ReneSola (SOL) as Euro Debt Concerns Could Weigh

Lazard Capital's Sanjay Shrestha downgraded shares of SunPower (Nasdaq: SPWRA) and ReneSola (NYSE: SOL) from Buy to Neutral Friday morning. Shares of SunPower are down about 1.2 percent while ReneSola shares are up 1.7 percent.

The analyst argues deterioration in the Euro market brought on by debt contagion will eventually affect demand, especially in the all-important Italian solar market.

Shrestha sees limited upside in shares of SunPower following the closing of its deal with Total (NYSE: TOT). On ReneSola, the analyst cites recent pricing revisions amid a glut in wafer capacity and continually increasing competition.

The Claymore/MAC Global Solar Index ETF (NYSE: TAN), a quick-and-easy look at the broad solar market, is up 0.3 percent Friday.

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