UDATE: Brean Upgrades SunPower On Strong Demand Outlook
SunPower (NASDAQ: SPWR) saw its shares upgraded to Buy on Friday by Brean Capital's Michael Gaugler, who established a $41 price target.
Despite the action, SunPower traded recently at $33.66, down 8.3 percent.
The solar panel maker posted adjusted earnings Thursday of $0.28 per share on revenue of $62 million, exceeding Street views.
Beyond the headline numbers, "the company offered strong end market demand outlooks," Gaugler said in a note Friday.
But vagueness from SunPower managers regarding its 2015 outlook "may keep the shares somewhat range-bound until a clearer picture emerges," said Gaugler, who previously maintained a Hold on the shares.
SunPower promised to address guidance at an analysts' conference slated for November 13 and the event "looks to be a catalyst for investor sentiment, Gaugler said.
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