Why SunPower Stock Jumped 10.6% Today
Shares of residential solar installer (NASDAQ: SPWR) jumped 10.6% on Monday as the renewable energy market rallied to start the week. Shares were still up 6% at 12:30 p.m. ET and have been volatile in trading.
Over the last few weeks, SunPower and a lot of its competitors and suppliers have started to bottom out in the market. Rising interest rates have been a headwind for the entire residential solar industry this year and that's caused companies like SunPower to lower 2023 guidance for both the rate of installations and the margin of each installation.
But there are still tailwinds behind the industry. Rooftop solar costs are expected to fall in the next couple of years as component costs drop and installers get more efficient and face fewer labor shortages. And falling inflation is helping. But falling interest rates will help on the financing side. That's why investors are bidding up SunPower as the 10-year U.S. bond yield has fallen 29 basis points in the past month.
Source Fool.com
Sunpower Corp. Stock
Currently there is a rather negative sentiment for Sunpower Corp. with 9 Buy predictions and 13 Sell predictions..
On the other hand, the target price of 7 € is above the current price of 2.03 € for Sunpower Corp., so the potential is actually 245.25%.
