UPDATE: Wunderlich Securities Cuts Target to $13 on SunPower

Wunderlich Securities lowers its target price on Buy-rated SunPower

to $13 from $14 as company guides lower following solid results for Q4. Wunderlich Securities says, "Following virtually every other solar manufacturer, SPWR guided lower for 1Q12. The reason for the lowered guidance was competitive pricing pressures and reflects projects that are back-end weighted toward the end of the year. ...There is simply too much excess capacity at the moment. Our projection for demand this year is that it will be up slightly from 2011, and in that environment prices can get clobbered as manufacturers fight to preserve market share." SPWR closed at $8.13 a share on Friday.