Why Investors Went Cold on SunPower Stock This Week
A steep price-target cut wounded SunPower (NASDAQ: SPWR) stock over the past few trading days. The company particularly took it on the chin the day the reduction was enacted. All in all, the company's market value slumped by 9% over the course of the week, according to data compiled by S&P Global Market Intelligence.
The analyst doing the cutting was Andrew Percoco of influential investment bank Morgan Stanley (NYSE: MS). Before market open Wednesday, Percoco sliced his SunPower price target to $8 per share, far down from his preceding level of $17. In doing so, he maintained his equalweight (read: hold) recommendation on the solar energy stock.
It wasn't apparent why the analyst reduced his price target and why he did so to such a degree. However, it's likely no coincidence that the move comes barely a month after SunPower released its latest set of quarterly results. The company missed notably on both the top and bottom lines.
Source Fool.com
Sunpower Corp. Stock
Our community is currently low on Sunpower Corp. with 9 Buy predictions and 15 Sell predictions.
However, we have a potential of 90.62% for Sunpower Corp. as the target price of 5 € is above the current price of 2.62 €.
