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Sunpower (SPWRA,SPWRB): Collins Stewart Issues Sell Rating, Broadpoint Downgrades to Neutral
A couple of analyst notes out this morning on Sunpower (SPWRA) according to StreetInsider.com.
Collins Stewart has initiated coverage on Sunpower with a Sell rating and a price target of $20 due to the following:
- rapid price deterioration
- trading at premium valuation relative to its peers
- production costs higher than competitors
- key financial metrics related to asset and capital efficiency below that of peers
Broadpoint downgraded to Neutral and lowered the price target from $36 to $25
Analyst John Hardy said, “Following the most recent guidance for Q109, implications are for 85% of FY09 revenue to come from April – December. While 2H loaded years are not atypical in solar given German seasonality, this certainly increases the likelihood of a reduction in FY09 guidance. We are awaiting FY09 and FY10 consensus estimates to decline before turning more positive. That being said a difficult 1H09 is largely baked into investor expectations.
The stock is holding up quite well today, off just 3% with little sell volume.
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