UPDATE: Jefferies Raises PT on SunPower Corporation on Continued Tailwinds

In a report published Friday, Jefferies analyst Scott Reynolds reiterated a Hold rating on SunPower Corporation SPWR, and raised the price target from $8.00 to $11.50. In the report, Reynolds noted, “SPWR continues to see tailwinds in the Japanese market (25% of shipments) and leasing ($541M signed lease capacity). However, investors may be ahead of themselves as a strong 1Q13 was largely attributable to high margin development rev recognized under IFRS accounting rules which will not repeat in 2Q13 and we will see lower margin EPC work pick up in 3Q13. The next catalyst for the shares will be the analyst day on May 15th in NYC.” SunPower Corporation closed on Thursday at $15.29.