SunPower Corporation (SPWR) PT Set at $12.00 by Cowen and Company

SunPower Corporation (NASDAQ:SPWR) received a $12.00 target price from equities researchers at Cowen and Company in a note issued to investors on Friday. The firm currently has a “buy” rating on the semiconductor company’s stock. Cowen and Company’s target price points to a potential upside of 29.10% from the company’s current price.

A number of other research firms have also recently commented on SPWR. Zacks Investment Research cut SunPower Corporation from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Vetr cut SunPower Corporation from a “strong-buy” rating to a “buy” rating and set a $12.52 price objective for the company. in a research note on Monday, July 31st. Axiom Securities reiterated a “buy” rating on shares of SunPower Corporation in a research note on Saturday, July 22nd. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $13.00 price objective (up previously from $10.00) on shares of SunPower Corporation in a research note on Wednesday, August 2nd. Finally, ValuEngine upgraded SunPower Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $9.57.

Shares of SunPower Corporation (NASDAQ:SPWR) traded up 3.79% during trading on Friday, hitting $9.30. The stock had a trading volume of 2,439,021 shares. The firm has a 50 day moving average price of $9.87 and a 200-day moving average price of $7.90. SunPower Corporation has a 52 week low of $5.84 and a 52 week high of $11.70. The stock’s market capitalization is $1.30 billion.

SunPower Corporation (NASDAQ:SPWR) last released its earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.63) by $0.24. The company had revenue of $341.50 million during the quarter, compared to analysts’ expectations of $312.58 million. SunPower Corporation had a negative return on equity of 12.56% and a negative net margin of 21.84%. The firm’s revenue for the quarter was down 15.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.22) EPS. On average, equities research analysts forecast that SunPower Corporation will post ($0.98) EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in SunPower Corporation by 13.8% in the second quarter. Vanguard Group Inc. now owns 4,922,577 shares of the semiconductor company’s stock valued at $45,977,000 after buying an additional 598,221 shares in the last quarter. Impax Asset Management LTD boosted its position in SunPower Corporation by 5.3% in the first quarter. Impax Asset Management LTD now owns 2,563,914 shares of the semiconductor company’s stock valued at $15,638,000 after buying an additional 129,157 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in SunPower Corporation by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,390,856 shares of the semiconductor company’s stock valued at $12,991,000 after buying an additional 3,841 shares in the last quarter. First Trust Advisors LP boosted its position in SunPower Corporation by 9.4% in the first quarter. First Trust Advisors LP now owns 1,292,779 shares of the semiconductor company’s stock valued at $7,886,000 after buying an additional 111,168 shares in the last quarter. Finally, Impax Asset Management AIFM Ltd boosted its position in SunPower Corporation by 2.6% in the first quarter. Impax Asset Management AIFM Ltd now owns 997,573 shares of the semiconductor company’s stock valued at $6,077,000 after buying an additional 25,000 shares in the last quarter. Hedge funds and other institutional investors own 25.61% of the company’s stock.

About SunPower Corporation

SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.

Analyst Recommendations for SunPower Corporation (NASDAQ:SPWR)

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