UPDATE: Canaccord Genuity Initiates Coverage On SunPower

In a report released Wednesday, Canaccord analyst Josh Baribeau initiated coverage on SunPower SPWR with a Hold rating and $41.00 price target.

Analysts at Canaccord see SunPower as having the strongest pipeline technology and experience in the solar industry. Baribeau values SunPower's value from residential leases and its project sales, allowing the company to maximize its energy production.

Canaccord sees less growth opportunity in SunPower than its peers, such as SolarCity and SunEdison due to SunPower already trading at a premium multiple.