SunPower Shares Falling Following JP Morgan Downgrade
In Wednesday's morning summary, analysts at JP Morgan downgraded shares of SunPower (NASDAQ: SPWR) from Overweight to Neutral and maintained a $40 price target.
The team at JP Morgan commented, "We remain constructive regarding the company and the broader solar space." That being said, they noted that SunPower is up 35 percent year-to-date and is outperforming the Bloomberg Solar Index.
The analysts concluded by stating their estimates have remained unchanged and that they believe the current price adequately reflects the risk/reward.
Following the downgrade, shares of SunPower are trading down just over three percent in Wednesday's session.
Latest Ratings for SPWR
|Apr 2016||Guggenheim Securities||Initiates Coverage on||Neutral|
|Mar 2016||Mizuho Securities||Initiates Coverage on||Neutral|
|Feb 2016||Northland Securities||Initiates Coverage on||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.