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Sunpower (SPWRA) Gets Pacific Crest Upgrade: "Accounting Debacle Creates Opportunity, But Risk Remains"
Pacific Crest is out upgrading SunPower (SPWRA) this morning to Outperform and raised the price target to $29, saying the recent accounting debacle has created a unique buying opportunity.
Hat tip to StreetInsider.com for the following analyst comment:
“There is considerable risk inherent in our call because the results of the accounting investigation have not been announced. However, we believe the current stock price assumes a lower margin profile on future revenue, and thus the formal result from the investigation remains the primary headwind to investing in SunPower. We believe SunPower will be an approximately 20% gross-margin business. The firm says investors should look to 2011 revenue and earnings estimates, as the stock is fully valued on 2010 estimates. Bachman sees upside to $29, or 15x their 2011 EPS estimate of $1.93.
Shares of SPWRA are up nearly 5% in premarket trading.
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