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
Sunpower (SPWR) reported Q2 EPS of .61, 10 cents better than estimates on revenues of 382.8 which also beat estimates of 343 million. The company also raised its full year 2008 revenue and EPS guidance.
In other news Cypress Semi (CY) announced that its Board has authorized management of proceed with a spin off of Sunpower shares to Cypress’s shareholders held by Cypress. … Read the rest
According to StreetInsider.com, Caris & Co have initiated coverage of a few solar names:
* Initiated coverage of First Solar (FSLR) with a buy and $350 price target
* Initiated coverage of MEMC Electronic (WFR) with Above Avg and $100 target
* Initiated coverage of SunPower (SPWR) with an Above Average and price target of $80
* Initiated coverage of Evergreen Solar (ESLR) with Above Average and price target of $11… Read the rest
Sunpower (SPWR) has announced a major deal to build out the largest photovoltaic power plant in the US (25MW) with FPL and will build a second plant at the Kennedy Space Center as well. These are scheduled for completion around 2009/2010.… Read the rest