UBS analyst Jon Windham downgraded SunPower (NASDAQ: SPWR) from Neutral to Sell with a price target of $11.00 (from $10.00).

The analyst comments "We downgrade SPWR from Neutral to Sell. We increase our PT from $10 to $11 based on 11.5x 2022E EV/EBITDA + $3.30/sh for SPWRs stake in ENPH stock and $1.10/sh for SPWR's ownership of the SunStrong JV. SPWR is trading at 35x NTM EV/EBITDA implying expectations for significant upside on potential incremental policy support for distributed solar following the U.S. Presidential election. We see asymmetric downside risk as we think the pace and scale of policy implementation is likely to disappoint."

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Shares of SunPower closed at $16.42 yesterday.