Baird analyst Ben Kallo reiterated an Outperform rating and $44 price target on SunPower (NASDAQ: SPWR) following solid Q4 results with growth on the horizon.

Kallo commented, "SPWR had strong Q4 results which exceeded estimates, partially due to the recognition of Hooper in Q4:15 instead of Q1:16, which caused SPWR to adjust 2016 guidance. Importantly, SPWR continues to see growing demand across all customer classes, and is confident in its ability to capture market share through capacity expansions and cost reductions. SPWR remains our favorite solar pick given its pipeline, technology, and balance sheet, and we would be buyers at current levels."

The firm adjusted FY 2016 EPS from $1.20 to $0.82.

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Shares of SunPower closed at $24.06 yesterday.