Wedbush Morgan Not As Optimistic On Sunpower (SPWRA), Downgrades To Neutral

Wedbush Morgan isn’t as optimistic on SunPower (SPWRA) as FBR Capital was this morning.  The firm is downgrading SPWRA following earnings from Outperform to Neutral. 

Hat tip to for the following analyst comment:

“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 upside to our estimates. Intense pricing competition, lower factory utilization, high inventory levels and continued lack of financing in the marketplace continue to impact company results. Adjusting our revenue/GAAP EPS estimates to $1.365 billion/$0.55 from $1.351 billion/$0.44 in 2009 and $1.648 billion/$0.95 from $1.725 billion/$1.15.”

The downgrade hasn’t had any effect on the stock of SPWRA, which is still up over 25% today and holding above the 200 day moving average for the first time in nearly a year. 


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