UPDATE: Citigroup Initiates SunPower Corporation at Buy on Solar Downstream Positioning

Citigroup initiated SunPower

with a Buy rating and a $12.00 price target. Citigroup noted, "SPWR's industry leading efficiency panels, massive downstream channel, the backing of oil giant Total and, strategic JVs with key industry players make it the perfect package, in our view. With a global recognized brand and distribution channel, SPWR is best positioned to capture growth in the residential and commercial scale market. Recent project wins at the utility scale level have been gravy – we see additional opportunities with their Tracker system." SunPower Corporation closed at $8.01 on Tuesday.