SunPower Corporation (SPWR) Rating Increased to Buy at Zacks Investment Research
SunPower Corporation (NASDAQ:SPWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $10.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s price target points to a potential upside of 8.11% from the stock’s previous close.
According to Zacks, “SunPower’s second-quarter 2017 loss was narrower than the Zacks Consensus Estimate. Revenues declined year over year but surpassed the consensus mark. The company also narrowed its revenue guidance for 2017. On a brighter note, SunPower is gradually shifting its revenue base from solar panel sales to the development of solar projects, power plants and engineering, procurement and construction (EPC) systems. Meanwhile, it remains committed to provide high-performance solar power products to its customers. In the overseas, the company has plans to build six projects in many regions in Mexico with expected delivery dates of 2018 and 2019, and gross margin above 20%. However, rising cost is a major headwind for SunPower, given the constant need to come up with new and innovative technology. Notably, the company lost more than the broader industry’s loss during the last one year.”
Other analysts have also recently issued research reports about the company. BidaskClub cut SunPower Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $13.00 price target (up previously from $10.00) on shares of SunPower Corporation in a report on Wednesday, August 2nd. ValuEngine raised SunPower Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Vetr cut SunPower Corporation from a “strong-buy” rating to a “buy” rating and set a $12.52 price target on the stock. in a report on Monday, July 31st. Finally, Cowen and Company set a $12.00 price target on SunPower Corporation and gave the company a “buy” rating in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company’s stock. SunPower Corporation has a consensus rating of “Hold” and a consensus price target of $9.57.
SunPower Corporation (SPWR) traded up 4.00% on Monday, reaching $9.62. The company’s stock had a trading volume of 1,963,806 shares. The firm’s market cap is $1.34 billion. The stock’s 50 day moving average price is $9.56 and its 200 day moving average price is $7.79. SunPower Corporation has a 52-week low of $5.84 and a 52-week high of $15.61.
SunPower Corporation (NASDAQ:SPWR) last released its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.24. SunPower Corporation had a negative return on equity of 12.56% and a negative net margin of 21.84%. The firm had revenue of $341.50 million for the quarter, compared to analysts’ expectations of $312.58 million. During the same quarter last year, the firm posted ($0.22) EPS. The company’s revenue was down 15.0% compared to the same quarter last year. Equities research analysts expect that SunPower Corporation will post ($0.98) earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in SunPower Corporation by 1.3% in the first quarter. Vanguard Group Inc. now owns 4,324,356 shares of the semiconductor company’s stock valued at $26,378,000 after buying an additional 54,858 shares during the last quarter. Impax Asset Management LTD raised its position in SunPower Corporation by 5.3% in the first quarter. Impax Asset Management LTD now owns 2,563,914 shares of the semiconductor company’s stock valued at $15,638,000 after buying an additional 129,157 shares during the last quarter. State Street Corp raised its position in SunPower Corporation by 26.7% in the fourth quarter. State Street Corp now owns 1,798,903 shares of the semiconductor company’s stock valued at $11,895,000 after buying an additional 379,112 shares during the last quarter. First Trust Advisors LP raised its position in SunPower Corporation by 9.4% in the first quarter. First Trust Advisors LP now owns 1,292,779 shares of the semiconductor company’s stock valued at $7,886,000 after buying an additional 111,168 shares during the last quarter. Finally, Impax Asset Management AIFM Ltd raised its position in SunPower Corporation by 2.6% in the first quarter. Impax Asset Management AIFM Ltd now owns 997,573 shares of the semiconductor company’s stock valued at $6,077,000 after buying an additional 25,000 shares during the last quarter. Institutional investors and hedge funds own 25.61% of the company’s stock.
About SunPower Corporation
SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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