Here's Why UBS Considers SunPower As Fair Priced; Upgrades To Neutral

• UBS analyst Jon Windham upgraded SunPower Corp (NASDAQ:SPWR) to Neutral from Sell with a price target of $17, up from $14. The price target implies that the stock is fairly priced.
• The analyst notes the company's more balanced risk-reward after its stock price fell 44% over the past three months. 
• While the outcome of any potential net metering policy changes in CA remains highly uncertain, Windham sees the risk as being "largely priced in" as SunPower's valuation has come into enterprise value 23-times expected 2022 EBITDA from 78-times and is now in line with residential solar exposed peers.
• Price Action: SPWR shares traded higher by 7.9% at $17.08 on the last check Tuesday.