SunPower: Raymond James, Soleil Both Cut Their Ratings

SunPower (SPWRA) today was hit by a paid of analyst downgrades.

• Raymond James analyst Pavel Molchanov cut his rating on the shares to Market Perform from Outperform. He notes that the stock has rallied 39% since he upgraded the stock on August 27, despite “limited news flow.” The analyst writes that it is now “an opportune time to take the foot off the accelerator.”
• Soleil Securities analyst Paul Leming reduced his rating to Hold from Buy, with a new target of $14, down from $15; he also had upgraded the stock on August 27, and likewise notes that not much has since changed in the interim other than a sharp run-up in the stock price. “With SunPower’s shares now approaching a median valuation (on a price-to-tangible book value basis) within the solar group, we believe there is relatively limited upside potential in the company’s shares,” he writes.

SPWRA is down 17 cents, or 1.2%, to $13.75.