SunPower (NASDAQ:SPWR) Downgraded to “Market Perform” at Cowen

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SunPower (NASDAQ:SPWR) was downgraded by Cowen from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They presently have a $10.00 target price on the semiconductor company’s stock. Cowen’s price objective points to a potential upside of 19.90% from the company’s previous close.

A number of other brokerages have also recently commented on SPWR. BidaskClub raised SunPower from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. ValuEngine raised SunPower from a “strong sell” rating to a “sell” rating in a research note on Tuesday, February 4th. Goldman Sachs Group set a $14.00 price target on SunPower and gave the stock a “buy” rating in a research note on Friday, November 1st. Credit Suisse Group decreased their price target on SunPower from $14.50 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, November 29th. Finally, Cfra cut SunPower from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $8.93.

Shares of SunPower stock opened at $8.34 on Thursday. The business’s 50 day simple moving average is $8.54 and its two-hundred day simple moving average is $10.01. The stock has a market capitalization of $1.19 billion, a P/E ratio of -7.51 and a beta of 2.18. SunPower has a one year low of $5.75 and a one year high of $16.04.

SunPower (NASDAQ:SPWR) last announced its quarterly earnings results on Wednesday, February 12th. The semiconductor company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.15. The company had revenue of $607.00 million during the quarter, compared to analysts’ expectations of $615.05 million. SunPower’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the firm earned ($0.21) earnings per share. As a group, sell-side analysts forecast that SunPower will post -0.61 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of SPWR. Altshuler Shaham Ltd purchased a new position in shares of SunPower during the fourth quarter valued at approximately $49,000. Russell Investments Group Ltd. purchased a new position in shares of SunPower during the third quarter valued at approximately $69,000. Amalgamated Bank purchased a new position in shares of SunPower during the fourth quarter valued at approximately $81,000. Point72 Asset Management L.P. purchased a new position in shares of SunPower during the fourth quarter valued at approximately $115,000. Finally, Ladenburg Thalmann Financial Services Inc. increased its stake in shares of SunPower by 10.8% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 11,157 shares of the semiconductor company’s stock valued at $118,000 after buying an additional 1,091 shares during the period. 31.60% of the stock is currently owned by hedge funds and other institutional investors.

About SunPower

SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.

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Analyst Recommendations for SunPower (NASDAQ:SPWR)

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