North Coast Solar Stocks

April 24, 2009

Jefferies cuts SunPower target on earnings miss

Filed under: SPWR — Tags: , , , , — Jason @ 8:14 am

By Steve Gelsi
Last update: 8:14 a.m. EDT April 24, 2009

NEW YORK (MarketWatch) — Jefferies & Co. on Friday cut its price target on SunPower Corp. (SPWRA, SPWRB) to $34 a share from $40 a share after the solar chip maker’s worse-than-expected results. Facing a sharp drop in demand, SunPower lost 6 cents a share in its first quarter, with adjusted net income of 5 cents a share. SunPower fell short of Jefferies’ profit target of 20 cents a share. Analyst Paul Clegg summed up the quarter as “weak.” During the quarter, SunPower signaled its business was slowing down, but the company’s actual revenue decline of 22% to $214 million “disappointed even further,” Jefferies noted. Shares of SunPower fell 7% to $24 in pre-market trades on Friday.

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