Auriga In Wait & See Mode On Sunpower (SPWRA), Maintains Hold & Lowers PT

Auriga is out with a research report on Sunpower (SPWRA) this morning following the recent analyst day and the firm is maintaining its Hold rating on the company, but lowering the price target a bit from $12 to $11.  Here are the highlights..

– Operating cash flow expected to be much improved, but results have yet to be proven
– Lowering non GAAP EPS estimate due to lower margins from $1.28 to $1.25/share
– Sales guidance for 2011 better than expected
– company track record on gross margin improvement spotty

Shares of SPWRA are down fractionally today and remain technically bearish after dropping below the 50 day moving average a few days ago.

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