Following Sunpower’s (SPWRA) earnings report last night, a few analysts are out with calls today and generally bullish.  Hat tip to Street Insider for the analyst comments.

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Ardour Capital upgrades from Hold to Accumlate.
“As Fab 3 ramps production in 2011, we look for increasing scale and throughput to begin to narrow the CPW gap. The Company’s UPP pipeline continues to build, and its premium price appears to be sustainable in the current demand environment. While SPWRA still faces some hurdles in its manufacturing cost-reduction program, we believe the 2011 outlook supports robust revenue and EBITDA growth, and the risk/reward has become attractive.”

Caris & Co. has upgraded from Below Average to Average and maintains $14 price target.

Kaufman Bros. reiterates Hold rating, but raises the price target from $11 to $13.
“SunPower announced a new joint venture with AUO for its Fab3 manufacturing facility. The benefits to SPWRA are a net reduction in capital expenditures as AUO is now responsible for half of the capital costs. The JV will also assume the debt incurred for the buildout. While the JV is now responsible for the debt, SPWRA is responsible for its portion of the debt, so in essence, this has just moved the debt off of SPWRA’s balance sheet, but has not really de-levered the company.”

Gleacher & Co. reiterate Buy rating and price target of $21.
“SPWRA reported strong 2Q10 results yesterday, after the close. Results beat on the bottom-line as more modules were allocated to a robust commercial and residential end-market, the project pipeline continues to add visibility, and confidence in 2010 improves as the low-end of guidance moves higher.”

Shares of SPWRA are trading down about 2% today and trying to hang in there around the 50 day moving average.