North Coast Solar Stocks

October 19, 2009

SunPower shares climb as analyst upgrades stock

Filed under: SPWR — Tags: , , , , — Jason @ 3:21 pm

Shares of SunPower gain as analyst upgrades solar stock to ‘Neutral’

3:21 pm EDT, Monday October 19, 2009

NEW YORK (AP) — SunPower Corp. (SPWRA, SPWRB) shares jumped Monday as an analyst upgraded the solar electronics system maker’s stock on expectations for stronger revenue growth and margins.

Shares of SunPower climbed $2.31, or 7.3 percent, to $33.91 in afternoon trading. The stock has ranged from $18.50 to $54.50 over the past year.

Macquarie Equities Research analyst Kelly Dougherty said the company’s flexible business model positions it well to gain from growth in the U.S. market in 2010. She predicted strong results for solar companies in the third quarter, particularly for those outside Europe.

“We believe SunPower will be one of the better performers as its robust revenue and earnings-per-share growth will be driven by strong systems activity augmented by incremental components segment sales,” Dougherty said.

She upgraded the stock to “Neutral” from “Underperform,” noting that shares are still expensive compared to many of the company’s peers.

Dougherty raised her 2009 and 2010 profit estimates as well.

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