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 … Read the rest
Market for solar stocks is fearing likely cuts in subsidies in the hot Spanish market, as well as delays in renewing the U.S. tax credits, has weighed down stocks across the sector. Worries about European subsidies and a disappointing forecast for the current quarter knocked SunPower shares lower.
Chief Executive Officer Tom Werner told a conference call that, if the Spanish government pushes through planned cuts, SunPower’s reach across the utility and residential markets … Read the rest
Evergreen Solar Inc (ESLR.O: Quote, Profile, Research, Stock Buzz) on Thursday reported a wider quarterly loss. It blames that on the cost of opening new production facility. Its forecasting third quarter results will be lower than analysts estimates. Shares are down 9.4 percent. It is also warning that margins will be hot for the rest of the year as it is trying to increase the capacity.
In a statement, Evergreen said … Read the rest