Jefferies Cuts, Estimates Price Target On SunPower (SPWRA)

Jefferies lowered estimates and its price target on Hold-rated SunPower (NASDAQ: SPWRA) from $17 to $12.

The firm states, "With poor data points from the Hamburg PV conference and subsequent channel checks, we lower EPS estimates for the US-listed solar names and downgrade three names due to: 1) a weakened euro/dollar exchange; 2) lower than anticipated demand and ASPs for 4Q and F12E; and 3) financing for solar projects is becoming more difficult in the macro environment."

FY11 EPS goes from $0.70 to $0.54 and FY12 from $1.87 to $1.35.

For more ratings news on SunPower click here and for the rating history of SunPower click here.

Shares of SunPower closed at $12.46 yesterday.

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