SunPower Corporation (SPWR) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of SunPower Corporation (NASDAQ:SPWR) from a hold rating to a buy rating in a report released on Monday. The brokerage currently has $10.00 price target on the semiconductor company’s stock.
According to Zacks, “SunPower’s second-quarter 2017 loss was narrower than the Zacks Consensus Estimate. Revenues declined year over year but surpassed the consensus mark. The company also narrowed its revenue guidance for 2017. On a brighter note, SunPower is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction (EPC) systems. Meanwhile, it remains committed to provide high-performance solar power products to its customers. In the overseas, the company has plans to build six projects in many regions in Mexico with expected delivery dates of 2018 and 2019, and gross margin above 20%. However, rising cost is a major headwind for SunPower, given the constant need to come up with new and innovative technology. Notably, the company lost more than the broader industry’s loss during the last one year.”
SPWR has been the subject of several other reports. BidaskClub upgraded SunPower Corporation from a hold rating to a buy rating in a research note on Wednesday, August 2nd. Deutsche Bank AG lifted their target price on SunPower Corporation from $6.00 to $9.00 and gave the stock a hold rating in a research note on Wednesday, August 2nd. ValuEngine upgraded SunPower Corporation from a strong sell rating to a sell rating in a research note on Friday, June 2nd. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $13.00 target price (up from $10.00) on shares of SunPower Corporation in a research note on Wednesday, August 2nd. Finally, Axiom Securities reiterated a buy rating on shares of SunPower Corporation in a research note on Saturday, July 22nd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $9.57.
Shares of SunPower Corporation (NASDAQ SPWR) opened at 9.33 on Monday. SunPower Corporation has a 52-week low of $5.84 and a 52-week high of $11.70. The company’s market capitalization is $1.30 billion. The stock has a 50 day moving average price of $9.82 and a 200 day moving average price of $7.88.
SunPower Corporation (NASDAQ:SPWR) last issued its earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.63) by $0.24. SunPower Corporation had a negative return on equity of 12.56% and a negative net margin of 21.84%. The company had revenue of $341.50 million during the quarter, compared to the consensus estimate of $312.58 million. During the same period in the previous year, the company posted ($0.22) EPS. The firm’s revenue for the quarter was down 15.0% compared to the same quarter last year. On average, analysts predict that SunPower Corporation will post ($0.98) earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the stock. Delta Lloyd Asset Management N.V. bought a new stake in SunPower Corporation during the second quarter worth $2,895,000. Shelter Mutual Insurance Co increased its stake in SunPower Corporation by 1,018.2% in the second quarter. Shelter Mutual Insurance Co now owns 177,800 shares of the semiconductor company’s stock worth $1,661,000 after buying an additional 161,900 shares during the last quarter. GAM Holding AG increased its stake in SunPower Corporation by 970.8% in the second quarter. GAM Holding AG now owns 428,311 shares of the semiconductor company’s stock worth $4,000,000 after buying an additional 388,311 shares during the last quarter. Domini Impact Investments LLC bought a new stake in SunPower Corporation during the second quarter worth $173,000. Finally, Legal & General Group Plc increased its stake in SunPower Corporation by 422.8% in the second quarter. Legal & General Group Plc now owns 18,245 shares of the semiconductor company’s stock worth $171,000 after buying an additional 14,755 shares during the last quarter. Hedge funds and other institutional investors own 25.61% of the company’s stock.
SunPower Corporation Company Profile
SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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