UPDATE: Piper Jaffray Upgrades SunPower
According to a research report published this morning, Piper Jaffray has upgraded SunPower (NASDAQ: SPWR) to Overweight.
Piper Jaffray commented in the report, "We upgrade SPWR to OW on our outlook for growth in the US residential rooftop market. We forecast US demand to double in 2012 to 4.5GW and grow another 30% in 2013 to 6GW, with residential installs comprising 50% of the market. We believe SPWR likely continues to gain share in the residential rooftop market where it already has 25% share of the California market and its residential lease program nearly doubled q/q in 1Q12. This is in addition to its existing 5GW U.S. pipeline."
Piper Jaffray maintains its $6.50 PT on SunPower, which closed yesterday at $4.60.
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