JPMorgan is Withdrawing Its Price Target on SunPower (SPWR)
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Price: $0.22 -8.33%
Rating Summary:
5 Buy, 22 Hold, 17 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 22 Hold, 17 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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JPMorgan withdrew its price target on SunPower (NASDAQ: SPWR) while maintaining its Underweight rating.
The firm remains negative on the Solar PV space and expects stocks in the group to continue to trade below tangible book value. They said the subsidy environment is showing no signs of stabilization, industry growth beyond 2012 is likely to benefit foreign manufactures in China and Japan, and natural gas prices are likely to continue to remain low.
"Given that we expect continued losses for SPWR for the foreseeable future, we expect the company's balance sheet to continue to be impaired, and the stock should continue to trade well below tangible book value," analyst Christopher Blansett said. As we expect SPWR to trade at a discount to FSLR, which at least should make money in C12, we now expect SPWR to trade at or below 0.4x TBV. We note that SPWR is currently trading at 0.5x TBV."
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 $5.90 yesterday.
The firm remains negative on the Solar PV space and expects stocks in the group to continue to trade below tangible book value. They said the subsidy environment is showing no signs of stabilization, industry growth beyond 2012 is likely to benefit foreign manufactures in China and Japan, and natural gas prices are likely to continue to remain low.
"Given that we expect continued losses for SPWR for the foreseeable future, we expect the company's balance sheet to continue to be impaired, and the stock should continue to trade well below tangible book value," analyst Christopher Blansett said. As we expect SPWR to trade at a discount to FSLR, which at least should make money in C12, we now expect SPWR to trade at or below 0.4x TBV. We note that SPWR is currently trading at 0.5x TBV."
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 $5.90 yesterday.
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