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UDATE: Brean Upgrades SunPower On Strong Demand Outlook

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SunPower (NASDAQ: SPWR) saw its shares upgraded to Buy on Friday by Brean Capital's Michael Gaugler, who established a $41 price target.

Despite the action, SunPower traded recently at $33.66, down 8.3 percent.

The solar panel maker posted adjusted earnings Thursday of $0.28 per 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 November 13 and the event "looks to be a catalyst for investor sentiment, Gaugler said.

Latest Ratings for SPWR

DateFirmActionFromTo
Jun 2016Wells FargoInitiates Coverage onMarket Perform
Apr 2016Guggenheim SecuritiesInitiates Coverage onNeutral
Mar 2016Mizuho SecuritiesInitiates Coverage onNeutral

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Posted-In: Brean Capital Michael GauglerAnalyst Color Upgrades Price Target Analyst Ratings Movers

 

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