“Downgrading shares of SunPower to Neutral from Outperform due to continued industry headwinds and recent share price appreciation. Q2 results beat our revenue estimates by $35.2 million and EPS by $0.03. Company affirms 2009 guidance but provides no support for … Read the rest
Here are some analysts calls on SPWRA and WFR following last nights earnings reports.
FBR upgraded Sunpower (SPWRA) from Market Perform to Outperform and doubled the price target from $20 to $40. The firm noted that while while earnings were a mixed (beat on revenues, but lower margins), the upgrade is driven by increased business prospects in the rooftop solar market, which SPWRA’s will capitalize on. They expect funding for larger ground mounted systems … Read the rest
SunPower (SPWRA) has long lagged its solar competitors in stock performance this year and remains submerged below the 50 and 200 day moving averages. Tomorrow, the tide may turn. SunPower just smashed analyst earnings estimates after the bell by reporting an an EPS number of .24/share, beating estimates by .10. Revenues also came in higher than expectations at 298 million. The stock is responding well after hours, soaring about 20%.
According to 24/7 Wall St, JP Morgan (JPM) is out with several solar ratings changes this morning, most notably an upgrade of Evergreen Solar (ESLR) two notches to Overweight with a doubling of the price target to $5/share. Shares are trading up about 6% in premarket trading. First Solar (FSLR) continues to get hit with cautious analyst comments and downgrades with JP downgrading it this morning from Overweight to Neutral due to a fear … Read the rest
The news of the Wells Fargo/Sunpower financing deal after the bell yesterday is great news for Sunpower and the industry in general. This is the kind of deal that can truly get solar power moving in the right direction.. and quickly. Private financing is key. Wells Fargo has now provided more than $1.75 billion in financing for alternative energy projects in the last three years and is looking to provide more.
Jabil will also work with Sunpower in the Solar America Initiative (SAI), a US Dept of Energy program to accelerate the advancement of solar technologies. … Read the rest
Sunpower just announced that it will work with Certified Steel and Nexus Properties to build a 1.2 MW solar PV system. The system will power Certified Steel’s plant in New Jersey. The installation will use SunPower’s monocrystalline-silicon panels and will supply almost all the energy the plant needs. The project is being financed through the Public Service Enterprise’s (PSE&G) solar loan program, according to PVTech.org.
"The solar loan program has provided a level of economic … Read the rest
Exelon and Sunpower just announced that they will work together to build the largest urban PV plant in the country in Chicago. The plant, which will be capable of generating 10MW of solar power, should be up and running by the end of this year. The plant will be located on a brownfield property, putting that property back into productive use.
The plans hinge on Exelon receiving money from the federal stimulus program for the … Read the rest
Update: Now it’s being dumped after hours.. down about 10%.
Sunpower (SPWRA) is out with earnings after the bell and missed badly reporting non GAAP EPS of just .05 share vs consensus estimates of .39. Revenues came in about 20% lower than the year ago quarter at $214 million which is considerably lower than estimates of $269.
The CEO commented that the quarter was the most challenging in its history, but despite the headwinds was … Read the rest
SunPower (SPWRA) will begin supplying its high efficiency solar panels and Tracker technology beginning next year to FPL Group (FPL) it was announced today. It’s also being announced that the the company will locate a research and development center employing up to 50 employees in Florida if the state government continues to support the deployment of additional solar energy. This is follow on work to previous partnerships. No word on the size of this deal. … Read the rest
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