- BofA analyst Julien Dumoulin-Smith upgraded SunPower Corp (NASDAQ:SPWR) to Neutral from Underperform with a price target of $23, up from $13 (3% 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% downside).
- Goldman Sachs maintained a Neutral and raised the price target from $15 to $20 (15.6% 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.
- Price Action: SPWR shares traded higher by 12.10% at $24 on the last check Monday.
