Wunderlich Securities Reiterates Sell and PT of $16 on SunPower Corporation

Wunderlich Securities reiterated its Sell rating on SunPower Corporation (NASDAQ: SPWRA). At the same time, Wunderlich left its price target on the company's stock unchanged at $16. In a research report published today, Wunderlich commented on Total's friendly offer for 60% of SunPower's shares, the offer Wunderlich perceives as being very generous.

In the report, Wunderlich states, "Beginning June 1, the French oil giant, Total SA (TOTF.PA-NR), began accepting shares toward its friendly tender offer for 60% of SPWRA shares at $23.25 each. We believe this is a generous offer, and it is well above our price target. We believe the shares will decline in value when the tender is completed."

On Tuesday, SunPower added 0.53% to close the day at $20.95. Its shares lost of all yesterday's gains in today's pre-market trading, however, falling 0.72% to $20.80.