UDATE: Brean Upgrades SunPower To Buy On Strong Demand Outlook

SunPower Corp.

saw its shares upgraded to Buy on Friday by Brean Capital's Michael Gaugler who established a price target of $41. Despite the action, SunPower traded recently down 7.5 percent at $33.97 a share. The solar panel maker posted adjusted earnings Thursday of $0.28 a share on revenue of $62 million--exceeding Street views. Beyond the headline numbers, "the company offered strong end market demand outlooks," Gaugler said in a note Friday. But vagueness from SunPower managers regarding its 2015 outlook "may keep the shares somewhat range-bound until a clearer picture emerges, said Gaugler, who previously maintained a Hold on the shares. Sunpower promised to address guidance at an analysts' conference slated for Nov. 13. and the event "looks to be a catalyst for investor sentiment, Gaugler said.