UPDATE: Citi Upgrades SunPower; Raises PT

According to a research report published this morning, Citi has upgraded SunPower

from Neutral to Buy, and increased PT from $8.50 to $10. In the report, Citi said, "Costs for its module are not competitive, but there is some small niche market for such high efficiency product (again unlike FSLR which is neither high efficiency nor low cost). Also, unlike FSLR, SunPower is not selling much of its own module product into the utility market making it easier to sign PPA agreements with buyers as it is more module “agnostic” in the utility segment." SunPower closed yesterday at $5.61.