SunPower’s “Buy” Rating Reaffirmed at Brean Capital (SPWR)
SunPower (NASDAQ:SPWR)‘s stock had its “buy” rating reiterated by equities research analysts at Brean Capital in a research note issued to investors on Tuesday, American Banking News reports. They currently have a $32.00 price objective on the stock. Brean Capital’s price target indicates a potential downside of 4.11% from the company’s current price.
SunPower (NASDAQ:SPWR) traded up 0.33% on Tuesday, hitting $33.37. 2,266,746 shares of the company’s stock traded hands. SunPower has a 1-year low of $12.65 and a 1-year high of $37.14. The stock has a 50-day moving average of $31.05 and a 200-day moving average of $31.59. The company has a market cap of $4.057 billion and a price-to-earnings ratio of 47.72. SunPower also was the target of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 12,959,424 shares, a drop of 17.2% from the March 31st total of 15,655,317 shares. Based on an average trading volume of 3,550,084 shares, the short-interest ratio is presently 3.7 days. Approximately 30.7% of the shares of the company are short sold.
SunPower (NASDAQ:SPWR) last announced its earnings results on Thursday, April 24th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.17. The company had revenue of $683.70 million for the quarter, compared to the consensus estimate of $669.37 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. The company’s revenue for the quarter was up 19.0% on a year-over-year basis. On average, analysts predict that SunPower will post $1.28 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on SPWR. Analysts at Credit Suisse raised their price target on shares of SunPower from $29.00 to $35.00 in a research note on Monday. They now have a “neutral” rating on the stock. Separately, analysts at Ardour Capital upgraded shares of SunPower from an “accumulate” rating to a “buy” rating in a research note on Friday. Finally, analysts at Cowen and Company reiterated an “outperform” rating on shares of SunPower in a research note on Friday. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $32.82.
SunPower Corporation operates in two business segments: the Utility and Power Plants (NASDAQ:SPWR) Segment and the Residential and Commercial (R&C) Segment.
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