Increased Price Targets for Swift Energy and SunPower

Wunderlich Securities has raised its price target on Swift Energy SFY and SunPower SPWRA. SFY announced a 3.0 million share equity raise to fund its aggressive drilling next year. Wunderlich's numbers have increased even with the increase in share count due to SFY's production growth guidance for 2011. Wunderlich writes, "We maintain our Buy rating and are raising our price target to $45 per share from $40 given the higher production expectations." SPWRA reported better than expected 3Q10 results. Reported revenue and non-GAAP EPS were $550.6M and $0.26 respectively. These figures beat the Street estimates of $472M and $0.13 as well as Wunderlich's estimates of $473M and $0.13. In a note to clients Wunderlich writes, "A mix of better sales, gross profit, and one-time gains partially offset by higher expenses generated better-than-expected EPS. We are raising our price target to $15 from $14 and we maintain our Hold rating."