Mizuho Downgrades SunPower (SPWR) to Underperform, 'Running Out of Time and Cash'
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July 19, 2024 9:49 AM EDT
SunPower (NASDAQ: SPWR) stock has continued its dramatic descent after a letter to dealers halted new lease installations and shipments.
The stock, which surged during the pandemic, rising above $50 a share, is now hovering around the $1 mark. It has fallen around 90% in the last 12 months.
The company is said to have notified dealers that it will no longer provide support for new leases, installations, or product shipments.
Reacting to the news, analysts at... More
July 19, 2024 5:10 AM EDT
Roth/MKM analyst Phiilip Shen lowered the price target on SunPower (NASDAQ: SPWR) to $2.20 (from $3.25) while maintaining a Neutral rating.
The analyst comments "SPWR may have "hit a wall," according to one of our contacts. Multiple industry contacts have shared SPWR's... More
July 18, 2024 4:03 PM EDT
Evercore Drops Coverage of SunPower (NASDAQ: SPWR)
StreetInsider note: We do not highlight discontinued coverage generally. Due to the nature of this story, we feel it is appropriate to inform you....
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July 18, 2024 1:50 PM EDT
By Sourasis Bose
(Reuters) - SunPower shares plummeted nearly 20% on Thursday after the solar company informed clients that it is pausing some operations, including deactivating lease and power purchase agreements from its own sales platform and halting new product shipments.
In an online communication seen by Reuters and confirmed as authentic by the company, SunPower said it would stop countersigning new agreements and would be unable to support installation services... More
July 18, 2024 1:29 PM EDT
JPMorgan analyst Mark Strouse reiterated an Underweight rating on SunPower (NASDAQ: SPWR).
The analyst comments "SPWR sent a letter to its dealers that, effective July 17, the company will no longer support new lease or PPA project installations, which we confirmed with the company. We do not believe this is a... More
July 18, 2024 7:03 AM EDT
GLJ Research analyst Gordon Johnson reiterated a Sell rating on SunPower (NASDAQ: SPWR), Removes Price Target.
The analyst comments "With SunPower effectively ceasing operations today (our opinion), and walking away from both soft and hard current contract commitments, we feel... More
