Jefferies Lowers Numbers On SunPower (SPWRA) After Preannouncement

Jefferies lowered estimates and its price target on Hold-rated SunPower (NASDAQ: SPWRA) from $18 to $17 following Q2 preannouncement.

The firm states, "On preannounced lower 2Q, we lower estimates and PT but retain our Hold rating. The A shares have experienced unusual stock appreciation in recent weeks on what may be the unwinding of the A/B spread trade. SPWRA is trading at ~$19 after-market, or 6% below the close. We will review our model further when SunPower reports earnings on August 9, 2011 after the close."

FY11 EPS goes from $1.09 to $0.70 and FY12 goes from $1.97 to $1.87.

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

Shares of SunPower closed at $22.32 yesterday.

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