The analysts are weighing in on Sunpower (SPWRA) following their earnings report and the analysis is across the board. Citi is downgrading the stock to Sell and believes this is the last good quarter from the company for awhile! Ouch. Merrill Lynch is negative on SPWR as well, downgrading it from Buy to Neutral.
Then there’s Wedbush Morgan, with an against the grain STRONG BUY rating and $100 price target! Are they all looking at … Read the rest
Sunpower (SPWRA) reported very good results this morning. Excluding one time items, earnings came in at .60/share vs. the analyst estimate of .56/share on a 61% increase in revenues over the year ago quarter to 377.5 million. Analysts were expecting 350.4 million. The company sees FY08 EPS at 2.34 – 2.41 vs the analyst estimates of 2.23 and for FY09 the company expects earnings of at least 3.50/share with analysts expecting 3.67.
CEO Tom Werner: … Read the rest
With all the concerns being voiced about the possible impact of the credit crisis on the solar power market, it’s nice to have some good news to report. The stock market as a whole rallied a little bit yesterday, but according to Eric Savitz of Barron’s Tech Trader Daily, solar stocks in particular were "dramatically outperforming" the market as a whole. Many of the major solar players saw their share prices rise with double-digit … Read the rest
I posted earlier about all the negativity surrounding the solar sector, but according to StreetInsider.com Gabelli is going out on a limb and issuing a buy rating and a $90 price target on Sunpower (SPWRA) saying “..centered on technology leadership, SPWRA produces the highest efficiency commercially available solar modules allowing the company to command a premium in the market, the high efficiency leads to a smaller footprint which makes SunPower the preferred choice for … Read the rest
SunPower and GE worked together on a project to provide a solar power system for HP’s printing technology research facility in San Diego, California. SunPower installed one of its SunPower(R) T10 Solar Roof Tile commercial roof systems at the HP building, which will reduce HP’s emission by more than 60 million pounds over the next 30 years. Instead of purchasing the system itself, HP is buying the energy from GE Energy Financial Services, which sells … Read the rest
Goldman Sachs analyst Michael Molnar has had a change of heart on his rosy outlook for both Sunpower (SPWR) and First Solar (FSLR), slapping both with Sell ratings this morning, down from previous Buy ratings due to oversupply issues and a lack of European subsidies.
“The risk of oversupply in the solar market will soon become a reality as considerably less generous demand subsidies take hold just as a wave of supply and tight … Read the rest
Goldman Sachs changed the rating of several key solar power stocks from "Buy" to "Sell," according to 247Wallstreet.com. The stocks affected by the change include First Solar and SunPower. The downgrade seems to be the result of two major factors. First, some people are predicting that the supply of solar power will exceed demand for it by 2010. Secondly, the credit crunch makes it difficult for companies to get financing on new projects.
Goldman Sach’s … Read the rest
The ticker symbol for Sunpower’s Class A shares will change from SPWR to SPWRA today. Class B shares of the stock will trade as SPWRB with the changes coming as a result of the recent spinoff from Cypress Semiconductor (CY), which was a majority shareholder of Class B common stock.… Read the rest