UPDATE: Auriga Upgrades SunPower to Buy
Auriga is out with its report today on SunPower (NASDAQ: SPWRA), upgrading SPWRA from Hold to Buy.
In its report, Auriga writes, "We are upgrading SunPower stock to a Buy from Hold on attractive price and improved valuation. With earnings expectations dramatically reset after 2Q11, and near-term revenue visibility driven by project pipeline, upside surprise may come by. Our sales and earnings estimates stay intact, and our concerns on the company's misaligned cost structure amid continued ASP pressure remain. We expect SunPower to undertake a major restructuring before 2011 end addressing the business model's limitations on cost structure."
Auriga maintains a $15 PT on SPWRA.
Shares of SPWRA closed Monday at $11.98, up 1.35% from Friday's close.
