Two firms are out this morning upgrading Sunpower (SPWRA) which has been crushed this year.  Hat tip to Street Insider for the analyst comment.

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Soleil Securities upgraded from Hold to Buy.
“Checks indicate that a large volume of system development business in the PV sector is going to be finalized in the fourth quarter of this year. We believe SunPower will generate over 90 cents per share of earnings over the next four months.”
They indicate that the stock trading at a discount to tangible book value ($10.70) and an industry-low EV-to-EBITDA multiple (6X) on 2011 estiamtes, risk/reward is favorable.

Raymond James upgraded from Market Perform to Outperform.

Shares of SPWRA are surging 5% in pre-market trading and trying to hang in there around support at all time lows around $10.  This may be the catalyst to send it on another run off this support level.  I really like the reward vs risk down here.