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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
Jul 2016Guggenheim SecuritiesUpgradesNeutralBuy
Jul 2016UBSUpgradesNeutralBuy
Jun 2016Wells FargoInitiates Coverage onMarket Perform

View More Analyst Ratings for SPWR
View the Latest Analyst Ratings

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

 

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