Morgan Stanley came out with a note on Friday defending their overweight rating and 12-month price target of $120 for SunPower (SPWR) after the company handedly beat estimates and raised guidance.  Morgan Stanley admits there are near-term headwinds that will keep the stock range bound as investors contemplate Cypress Semiconductor’s proposed spin-off, tariff uncertainty in Spain and ITC delays. 

The stock saw some buy interest and closed Friday up $1.38 to $76.70 albeit on tepid volume.