JANCO Partners upgraded Sunpower (SPWRA) this morning from Accumulate to Buy because they believe the sell off after earnings is overdone. 

Hat tip to StreetInsider.com for the following analyst comment:

“We are upgrading the stock to a Buy rating based on the upside potential in the stock given the recent pullback since the company announced earnings on 10/22/2009. With the pullback the stock is currently trading at 14.9X our FY2010 EPS estimate of $1.82, which is below the previous three quarter average of 16X P/NTM EPS. We do not believe that there has been a further deterioration in the company’s fundamentals over this short time period that would warrant this kind of pullback…Despite our cautious outlook on the stock over the medium term given the supply demand balance currently facing the industry, we believe the post earnings sell-off has been over done. The sell-off in our opinion placed undue emphasis on marginal Q409 performance guidance from management and believe the stock’s upside potential represents an attractive buying opportunity.  There was nothing in the conference call that led us to believe that the FY2010 outlook has materially changed relative to our expectations. Long term we like SunPower for its vertically integrated model, high efficiency panels, extensive dealer network and international presence.”