Needham & Company Maintains an 'Underperform' on SunPower (SPWRA); 3Q11 EPS Beat on One-time Gain, but We See More Challenges Coming
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Price: $7.29 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Needham & Company maintains an 'Underperform' on SunPower (NASDAQ: SPWRA).
Needham analyst says, "SunPower’s 3Q11 earnings came in above consensus estimate due to a one-time gain on sale of equity interest. The company lowered 2011 non-GAAP guidance as expected, but we see downside risks to the aggressive shipment target due to substantially lower market prices and new competitors in high efficiency. Despite trading at a 2012 EV/S of just 0.4X, or largely inline with its peers, we see more downside to share price due to sector weakness, increased competition in highefficiency, its uncompetitive cost structure and its lack of profitability."
"We lower our 2011 non-GAAP EPS estimate to $0.03 (from $0.78) and our 2012 to $0.22 (from $0.86) on lower revenues."
For more ratings news on SunPower click here and for the rating history of SunPower click here.
Shares of SunPower closed at $8.76 yesterday.
Needham analyst says, "SunPower’s 3Q11 earnings came in above consensus estimate due to a one-time gain on sale of equity interest. The company lowered 2011 non-GAAP guidance as expected, but we see downside risks to the aggressive shipment target due to substantially lower market prices and new competitors in high efficiency. Despite trading at a 2012 EV/S of just 0.4X, or largely inline with its peers, we see more downside to share price due to sector weakness, increased competition in highefficiency, its uncompetitive cost structure and its lack of profitability."
"We lower our 2011 non-GAAP EPS estimate to $0.03 (from $0.78) and our 2012 to $0.22 (from $0.86) on lower revenues."
For more ratings news on SunPower click here and for the rating history of SunPower click here.
Shares of SunPower closed at $8.76 yesterday.
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