Wedbush Morgan is out this morning maintaining its Neutral rating on SunPower Corporation (SPWRA), but raising its price target from $25 to $33.

Hat tip to StreetInsider.com for the following analyst comment:

“We expect systems revenue will accelerate in 2010 as larger PV projects move forward. Given the company’s 2010 project pipeline, we expect to see a significant uptick in systems revenue next year. We note that the 250 MW project for PG&E is expected to begin in 2H:10, pending local permitting…While we believe the environment for PV projects is improving, we do expect intense price competition to persist…Adjusting our revenue/GAAP EPS estimates to $1.403 billion/$0.63 from $1.365 billion/$0.55 in 2009 and $2.099 billion/$1.26 from $1.648 billion/$0.95. We have increased our systems revenue model to reflect the company’s project pipeline and improved financing conditions.”

SPWRA is trading flat today despite the Italy news and this price target raise.