UPDATE: GLJ Research Downgrades SunPower (SPWR) to Hold on Technicals and Interest Rates
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GLJ Research analyst Gordon Johnson downgraded SunPower (NASDAQ: SPWR) from Buy to Hold on technicals and interest rates. Johnson said the upside trades appears "exhausted."
"... after hitting the low-end of its trend channel 1/5/21, yesterday two things happened, including: (a) SPWR broke
decisively below the low end of its channel range, and (c) SPWR edged below its 50-day move average (a key technical trigger)," Johnson commented.
"Separately, it's important to remember that SPWR, similar to RUN and NOVA (i.e., the solar specialty finance companies), is tethered (we believe) to interest rates - as detailed in Ex. 2-4 below, inflation across a number of trackers is trending at levels not seen in several years," he added.
Shares of SunPower closed at $30.50 yesterday.
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