UPDATE: Jefferies Lowers PT to $9 on SunPower

A report from Jefferies reiterates its Hold rating and lowers its price target from $12 to $9 on SunPower (NASDAQ; SPWRA). The report states, “SPWR missed 3Q11 revenue and margin expectations and significantly lowered its 4Q11 guidance. The CFO leaving the company is a negative but the company is taking measures to lower its opex, cut back capex, and focus on cost reduction." SPWRA closed yesterday at $8.76.