SunPower Corp. (NASDAQ:SPWR) was downgraded by Bank of America Corp. from a “buy” rating to a “neutral” rating in a research note issued on Wednesday. They presently have a $10.00 price objective on the stock, down from their previous price objective of $20.00. Bank of America Corp.’s price objective would suggest a potential upside of 58.23% from the company’s current price.

SPWR has been the topic of a number of other reports. Mizuho lowered their target price on shares of SunPower Corp. from $57.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, August 10th. Deutsche Bank AG set a $9.00 price objective on shares of SunPower Corp. and gave the company a “hold” rating in a report on Wednesday, October 5th. Guggenheim upgraded shares of SunPower Corp. from a “neutral” rating to a “buy” rating and upped their price objective for the company from $15.64 to $20.00 in a report on Wednesday, July 27th. Zacks Investment Research downgraded shares of SunPower Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 26th. Finally, TheStreet downgraded shares of SunPower Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $19.82.

Analyst Recommendations for SunPower Corp. (NASDAQ:SPWR)

SunPower Corp. (NASDAQ:SPWR) opened at 6.32 on Wednesday. SunPower Corp. has a 1-year low of $6.00 and a 1-year high of $31.10. The stock’s market capitalization is $873.11 million. The stock’s 50 day moving average price is $8.09 and its 200 day moving average price is $12.76.

SunPower Corp. (NASDAQ:SPWR) last issued its earnings results on Wednesday, November 9th. The company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.30. The business had revenue of $729.30 million for the quarter, compared to the consensus estimate of $777.94 million. SunPower Corp. had a negative net margin of 16.95% and a positive return on equity of 16.37%. The firm’s revenue for the quarter was up 91.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. On average, equities research analysts predict that SunPower Corp. will post $0.30 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock worth $146,000 after buying an additional 3,308 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of SunPower Corp. during the second quarter worth about $102,000. Teacher Retirement System of Texas raised its position in shares of SunPower Corp. by 28.6% in the second quarter. Teacher Retirement System of Texas now owns 8,613 shares of the company’s stock worth $133,000 after buying an additional 1,914 shares during the period. Seven Eight Capital LLC acquired a new position in shares of SunPower Corp. during the first quarter worth about $207,000. Finally, Utah Retirement Systems raised its position in shares of SunPower Corp. by 8.2% in the second quarter. Utah Retirement Systems now owns 10,500 shares of the company’s stock worth $163,000 after buying an additional 800 shares during the period. Institutional investors and hedge funds own 39.31% of the company’s stock.

About SunPower Corp.

SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.

5 Day Chart for NASDAQ:SPWR

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