UPDATE: J.P. Morgan Lowers Price Target on SunPower to $11.50

According to J.P. Morgan, SunPower (NASDAQ: SPWRA) price target is lowered to $11.50.

J.P. Morgan said that SunPower reported C3Q11 rev/PF EPS of $705mn/($0.14) vs. its ests. of $680mn/($0.06). “This is down from prior guidance of $2.8-$2.95bn/$1.20-$1.70 on lower than expected pricing and demand trends in C4Q11.”

SunPower closed yesterday at $10.02.