Sunpower Corp (SPWR)

Sunpower Corp (SPWR) stock dropped by 7.97% due to a downgrade from analysts at Susquehanna. They downgraded SunPower from a Positive rating to a Neutral rating. Furthermore, they lowered the target price for the semiconductor company's stock from $5.50 to $4.00. This new target price suggests a potential upside of 2.83% from the current stock price. Other Analyst Opinions

• Barclays reduced their price target for SunPower shares from $6.00 to $2.50, assigning an Underweight rating. Mizuho, on the other hand, increased their price target from $5.00 to $6.00 and maintained a "neutral" rating.
• Raymond James downgraded SunPower from Outperform to Market perform, and Truist Financial lowered their target price from $6.00 to $5.00, maintaining a Hold rating. Roth Mkm also reduced their target price from $10.00 to $5.00 while maintaining a Neutral rating.

Overall, SunPower has received nine sell ratings, thirteen hold ratings, and one buy rating, with a consensus rating of Hold and a consensus price target of $7.64.

In summary, SunPower Corp (SPWR) witnessed a decline in its stock price following a downgrade from Susquehanna, which lowered the target price and changed the rating from Positive to Neutral. This downgrade was part of a broader trend of analyst opinions impacting the company's stock.

Shares of Sunpower Corp (SPWR) dropped by 31.27% from $6.14 to $4.22 in the trading on Monday, December 18, 2023. The reason why SPWR down today is due to concerns raised in the company's updated filings, hinting at its ability to sustain operations, marked as a "going concern."

• Financial Restatements and Default: SunPower's stock plummeted following the announcement of financial restatements in October due to inventory accounting errors. This led to a technical default on its debt.
• Debt Waiver and Funding: SunPower managed to secure a waiver on December 8, 2023, addressing the default and providing access to $75 million in funding. However, the company must stabilize its finances by January 19, 2024, to prevent further defaults.
• Ongoing Financial Challenges: SunPower faces ongoing financial challenges, having incurred $111.7 million in operational costs during the first three quarters of 2023. Winter months are expected to add to the financial strain.
• Market Volatility and Uncertainty: The stock's steep decline reflects market volatility and concerns about SunPower's financial future, despite potential benefits from declining interest rates in the solar panel industry.

SunPower Corporation Stock (SPWR) dropped by 6.13% from $4.57 to $4.29 in the trading on Monday November 6, 2023. The reason why SPWR stock down today is due to the lower price target from analysts. Truist Securities maintained SunPower with a Hold and lowered the price target from $6 to $5. SunPower has significantly lowered its fourth-quarter guidance. That's perhaps an understatement, as the company's new forecast is for a loss of $25 million to $35 million, against the previous projection of a $55 million to $75 million profit.

Shares of SunPower Corporation (SPWR) dropped by 5.62% from $4.27 to $4.03 in the trading on Wednesday, November 1, 2023. The reason why SPWR down is due to the company's disappointing earnings report expectations.

• Earnings Miss and Revenue Shortfall: Heading into the third quarter, analysts had modest expectations for SunPower, with forecasts of break-even earnings on $455 million in quarterly sales. However, SunPower fell short of both expectations, reporting a non-GAAP (adjusted) loss of $0.12 per share and revenues of $432 million, missing the forecasts.
• Sales Decline and GAAP Loss: SunPower's sales not only missed estimates but also declined by 9% year over year. Additionally, while the non-GAAP loss was $0.12 per share, the loss under generally accepted accounting principles (GAAP) was even larger at $0.17 per share, compared to a $0.73 per share profit the previous year.
• Investor Reaction and SolarEdge's Impact: The disappointing results led to a drop in SunPower's stock price. Interestingly, investors may have had a clue about SunPower's challenges if they had paid attention to SolarEdge's earnings report from the previous week.

Shares of SunPower Corporation (SPWR) dropped by 8.62% from $5.57 to $5.09 in the trading on Friday, October 20, 2023. The reasons why SPWR stock down include:

• Impact of SolarEdge's News: SolarEdge's negative developments and poor performance had a cascading effect, not only affecting its own investors but also spilling over to related companies in the residential solar business like Sunrun, Sunnova, and SunPower. SolarEdge's announcement highlighted slower-than-expected installation rates of solar power systems, causing an inventory surplus and weak sales. This also hinted at potential challenges for companies like Sunnova that rely on SolarEdge's inverters for the panels they install.
• Analyst rating: Exane BNP Paribas initiated coverage on SunPower Corp with Underperform rating, the target price for SPWR stock is set to $4.00

SunPower's stock (SPWR) experienced a significant decline by 15.78% on Wednesday. The drop was triggered by the release of the company's preliminary second-quarter financial figures. SunPower updated guidance, expecting a net loss of $70-90 million in 2023 due to reduced demand and lowered customer projections. They plan to cut labor and trim platform investment accordingly.

https://www.fool.com/investing/2023/07/26/why-shares-of-sunpower-are-sinking-wednesday/