SunPower Grabs Upgrades; Stock Surges $SPWRA
Two firms are out this morning upgrading Sunpower (SPWRA) which has been crushed this year.
Soleil Securities upgraded from Hold to Buy.
“Checks indicate that a large volume of system development business in the PVsector is going to be finalized in the fourth quarter of this year. Webelieve SunPower will generate over 90 cents per share of earnings overthe next four months.”
They indicate that the stock trading at adiscount to tangible book value ($10.70) and an industry-lowEV-to-EBITDA multiple (6X) on 2011 estiamtes, risk/reward is favorable.
Raymond James upgraded from Market Perform to Outperform.
Shares of SPWRA are surging 5% in pre-market trading and trying to hang in there around support at all time lows around$10. This may be the catalyst to send it on another run off thissupport level. I really like the reward vs risk down here.
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