SunPower just dedicated a new 50-kilowatt rooftop solar power system at HP’s Indigo Division Facility, located in Kiryat-Gat, Israel. The rooftop system was designed and built by Solarpower Ltd, using SunPower panels.
In a press release Howard Wenger, SunPower’s president of global business units, commented on the news:
SolarPower’s leadership in Israel was clearly an advantage to SunPower as we entered the market. On four continents, the proven performance of SunPower’s technology has achieved a … Read the rest
A few analyst rating changes and coverage initiations this morning…
Barclays upgraded Suntech (STP), JA Solar (JASO) and Sunpower (SPWRA) to Overweight. All three are up about 8% today with STP and JASO breaking out of bases on the upgrade.
Wedbush Morgan isn’t quite as positive on Sunpower, lowering the price target from $29 to $21, but maintains its Neutral rating. Hat tip to StreetInsider.com for the following analyst comment:
Pacific Crest is out upgrading SunPower (SPWRA) this morning to Outperform and raised the price target to $29, saying the recent accounting debacle has created a unique buying opportunity.
“There is considerable risk inherent in our call because the results of the accounting investigation have not been announced. However, we believe the current stock price assumes a lower margin profile on future revenue, and thus the … Read the rest
Sunpower just announced that it will be partnering with Etrion to build 4 solar power plants in southern Italy. Altogether, the plants will provide 4MW of solar energy. Sunpower will handle design, construction, operations and maintenance on the plants, which will use its “Tracker” technology.
The companies plan to break ground on the new construction by the end of November, and the plants should be up and running by late 2010.
Before the closing bell yesterday, Kaufman Bros reiterated its Buy rating on Sunpower (SPWRA) despite the accounting issues weighing on the stock. You have to admire Kaufman’s conviction when every other analyst immediately issued sell ratings. I think it’s too soon to be jumping in to SPWRA, but once this blows over, it could offer one heck of a long term entry point.
“SPWR announced accounting errors that may have underestimated costs in its Philippine manufacturing plant for both 2009 and 2008. The magnitude of the COGS understatement could be $14M … Read the rest
SunPower (SPWRA) said after the bell today that it’s investigating accounting errors related to its Philippine manufacturing operations and that its financial statements for 2008/2009 as well as guidance for this year can’t be relied on. The company hopes to provide an update within the next 30 days, but estimates that about 1 million in expenses were overstated in Q1, $14 million understated in Q2 and 2 million understated in Q3. Those aren’t huge numbers, … Read the rest
“We are upgrading SunPower to Buy based upon earnings power (valuation), anticipated industry growth, and SunPower’s market position. We were disappointed with the company’s 3Q09 margin performance, and while we believe margin improvement can come as factory utilization climbs in 4Q09 and through 2010, we have chosen … Read the rest
SunPower (SPWRA) announced yesterday that they have produced a world record, full sized 333kW solar panel with a 20.4% efficiency rate. The record beating efficiency for a full sized panel was confirmed by the National Renewable Energy Lab. The prototype solar panel was developed using DofE funds under the Solar America Initiative (SAI), awarded two years ago. It doesn’t happen very often, but it’s nice to see tax payer dollars put to good use! … Read the rest
“We are upgrading the stock to a Buy rating based on the upside potential in the stock given the recent pullback since the company announced earnings on 10/22/2009. With the pullback the stock is currently trading at 14.9X our FY2010 EPS estimate of $1.82, which … Read the rest
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