SunPower Corp. (SPWR) Now Covered by Credit Suisse Group AG
Analysts at Credit Suisse Group AG assumed coverage on shares of SunPower Corp. (NASDAQ:SPWR) in a research note issued on Monday. The brokerage set a “neutral” rating and a $9.00 price target on the stock. Credit Suisse Group AG’s price target would suggest a potential upside of 25.17% from the company’s previous close.
A number of other equities research analysts have also weighed in on SPWR. Zacks Investment Research lowered shares of SunPower Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 26th. TheStreet lowered shares of SunPower Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Guggenheim raised shares of SunPower Corp. from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.64 to $20.00 in a report on Wednesday, July 27th. Morgan Stanley reaffirmed an “overweight” rating and set a $27.00 price target (down from $39.00) on shares of SunPower Corp. in a report on Wednesday, August 3rd. Finally, JPMorgan Chase & Co. set a $28.00 price target on shares of SunPower Corp. and gave the company a “buy” rating in a report on Friday, August 5th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. SunPower Corp. has an average rating of “Hold” and a consensus price target of $19.66.
Shares of SunPower Corp. (NASDAQ:SPWR) opened at 7.19 on Monday. The stock’s market capitalization is $995.23 million. SunPower Corp. has a one year low of $6.00 and a one year high of $31.10. The stock has a 50 day moving average of $7.97 and a 200-day moving average of $12.32.
SunPower Corp. (NASDAQ:SPWR) last released its quarterly earnings results on Wednesday, November 9th. The company reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.30. The business earned $729.30 million during the quarter, compared to analyst estimates of $777.94 million. SunPower Corp. had a negative net margin of 16.95% and a positive return on equity of 16.65%. The business’s revenue was up 91.8% on a year-over-year basis. During the same period last year, the business earned $0.13 EPS. Equities analysts predict that SunPower Corp. will post ($0.01) earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC bought a new stake in SunPower Corp. during the second quarter worth approximately $102,000. Candriam Luxembourg S.C.A. bought a new stake in SunPower Corp. during the third quarter worth approximately $124,000. Two Sigma Securities LLC bought a new stake in SunPower Corp. during the third quarter worth approximately $129,000. Teacher Retirement System of Texas increased its stake in 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. Finally, North Star Investment Management Corp. increased its stake in SunPower Corp. by 25.8% in the third quarter. North Star Investment Management Corp. now owns 15,600 shares of the company’s stock worth $139,000 after buying an additional 3,200 shares during the period. Institutional investors own 39.05% of the company’s stock.
SunPower Corp. Company Profile
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.
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