Barclays Sticks to Its Sell Rating for SunPower Corp (SPWR)

By Ryan Adsit

Barclays analyst Moses Sutton maintained a Sell rating on SunPower Corp (SPWRResearch Report) on August 1 and set a price target of $6. The company’s shares closed on Friday at $15.10, close to its 52-week high of $16.04.

According to TipRanks.com, Sutton is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -18.8% and a 60.0% success rate. Sutton covers the Utilities sector, focusing on stocks such as Brookfield Renewable Partners L.P., Brookfield Infrastructure, and Nextera Energy Partners.

SunPower Corp has an analyst consensus of Hold, with a price target consensus of $9.40.

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Based on SunPower Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $121 million. In comparison, last year the company had a GAAP net loss of $447 million.

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SunPower Corp. engages in the design, manufacture and deliver of solar panels and systems. It operates through the following segments: Residential, Commercial and Power Plant. The Residential segment refers to the sales of solar energy solutions to residential end customers through a variety of means.