UPDATE: Piper Sandler Downgrades SunPower (SPWR) to Neutral

January 27, 2021 12:05 AM EST
Get Alerts SPWR Hot Sheet
Price: $24.77 +0.57%

Rating Summary:
    10 Buy, 22 Hold, 10 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 11 | New: 8
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(Updated - January 27, 2021 9:25 AM EST)

Piper Sandler analyst Kashy Harrison downgraded SunPower (NASDAQ: SPWR) from Overweight to Neutral with a price target of $35.00. Shares are up 110% vs. TAN up 14% with the delta attributed to the retail-driven move on high short interest stocks. Nothing thematically meaningful has manifested warranting this magnitude of outperformance.

The analyst stated "Following the recent equity move, SPWR now trades at 43x 2022E EBITDA, above solar companies we cover at 29x. The relative spread between SPWR and peers is difficult to rationalize based on margin profiles and the competitive structure of the solar value-chain. And while we see the potential for a favorable Q4'20 earnings update, we don't anticipate any catalysts capable of supporting this magnitude of a move. Thus, we shift our rating from Overweight to Neutral and move to the sidelines".

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 $53.92 yesterday.

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