BofA analyst Julien Dumoulin-Smith upgraded SunPower Corp. to Neutral from Underperform with a price target of $23, up from $13 (3 percent downside).
The re-rating followed the company’s analyst day, which he said offered clarity on the growth trajectory.
Given what he calls “admittedly a robust turnaround plan with specific steps,” Dumoulin-Smith made “material” upward revisions to his estimates following the event. He saw “no reason to doubt its substantive turnaround outlined given sector tailwinds.”
JP Morgan analyst Mark Strouse maintained an Underweight and raised the price target from $20 to $21 (11.4 percent downside).
Goldman Sachs maintained a Neutral and raised the price target from $15 to $20 (15.6 percent downside).
The sudden surge in oil and gas prices resulting from Russia’s invasion of Ukraine has made alternative energy sources look more tempting.
As geopolitical tensions rise, oil moves higher, also influencing the solar and other renewable energy stocks.
