Citi Reiterates Neutral Rating on SunPower (SPWR), Opens Downside Catalyst Watch

Citi analyst Vikram Bagri reiterated a Neutral rating and $12.00 price target on SunPower (NASDAQ: SPWR)

The analyst comments "We open a 30-day downside catalyst watch on SPWR. Our latest estimates reflect an 18%/72% EBITDA weighting for FY23, compared to the 25%/75% company guidance. Higher operating expenses from ramping installations may weigh on profitability, we believe. In addition, our read of app download data indicates SPWR may have lost market share in 2Q23, with its quarterly app installs declining QoQ in 2Q23, whereas those of RUN and NOVA grew QoQ. While the company may potentially expand its lease offering, it extends PV systems to customer primarily via loans, which are less competitive in a higher rate environment vs. lease/PPA."

For an analyst ratings summary and ratings history on SunPower click here. For more ratings news on SunPower click here.

Shares of SunPower closed at $11.39 yesterday.

You May Also Be Interested In

• Citizens Starts MARA Holdings Inc (MARA) at Market Outperform
• Kepler Cheuvreux Downgrades Telecom Italia SpA (TIT:IM) (TI) to Hold
• Kepler Cheuvreux Upgrades Koninklijke KPN NV (KPN:NA) (KKPNY) to Buy