UBS Raises Estimates on SunPower (SPWRA); Tenesol Acquisition & Leasing Product Are Key New Areas
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Price: $7.29 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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UBS maintains a 'Neutral' on SunPower (NASDAQ: SPWRA) price target raised from $6 to $8.
UBS analyst says, "SunPower’s non-GAAP sales and EPS of $749 and $0.16 were higher than its guidance of $700M and ($0.02) on strong utility sales and gross margin of $377M and 17.2%. SunPower’s residential/commercial gross margin was still weak at 7.5% (-280bps q/q) due to industry over supply but is 85% booked through 2Q12."
"We raise our 2012E and 2013E EPS to $0.15 and $0.55 from $0.10 and $0.50 previously as higher margins on the CVSR project provide near term upside. SunPower expects to maintain unrestricted cash of $300M in 2012 and needs to maintain Debt to EBITDA of 4.5:1 to meet Crédit Agricole’s line of credit covenants...We believe SunPower’s strong position in the growing US market and its utility pipeline of 1GW are key positives and look for gains in module cost/watt which was $1.46/W in 4Q11 and targeted at below $1.25/W by 4Q12 from its step reduction program."
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 $7.29 yesterday.
UBS analyst says, "SunPower’s non-GAAP sales and EPS of $749 and $0.16 were higher than its guidance of $700M and ($0.02) on strong utility sales and gross margin of $377M and 17.2%. SunPower’s residential/commercial gross margin was still weak at 7.5% (-280bps q/q) due to industry over supply but is 85% booked through 2Q12."
"We raise our 2012E and 2013E EPS to $0.15 and $0.55 from $0.10 and $0.50 previously as higher margins on the CVSR project provide near term upside. SunPower expects to maintain unrestricted cash of $300M in 2012 and needs to maintain Debt to EBITDA of 4.5:1 to meet Crédit Agricole’s line of credit covenants...We believe SunPower’s strong position in the growing US market and its utility pipeline of 1GW are key positives and look for gains in module cost/watt which was $1.46/W in 4Q11 and targeted at below $1.25/W by 4Q12 from its step reduction program."
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 $7.29 yesterday.
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