JPMorgan Chase & Co. Initiates Coverage on SunPower Corp. (SPWR)

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Research analysts at JPMorgan Chase & Co. started coverage on shares of SunPower Corp. (NASDAQ:SPWR) in a report released on Thursday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating and a $38.50 price target on the stock. JPMorgan Chase & Co.’s price objective would suggest a potential upside of 15.51% from the company’s current price.

SunPower Corp. (NASDAQ:SPWR) traded up 1.74% during mid-day trading on Thursday, hitting $33.91. 1,388,028 shares of the company’s stock traded hands. SunPower Corp. has a 1-year low of $9.00 and a 1-year high of $36.25. The stock has a 50-day moving average of $32.12 and a 200-day moving average of $28.74. The company has a market cap of $4.119 billion and a price-to-earnings ratio of 47.61.

SunPower Corp. (NASDAQ:SPWR) last released its earnings data on Tuesday, February 11th. The company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.19. The company had revenue of $758.00 million for the quarter, compared to the consensus estimate of $707.93 million. During the same quarter in the previous year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts expect that SunPower Corp. will post $1.19 EPS for the current fiscal year.

SPWR has been the subject of a number of other recent research reports. Analysts at Zacks reiterated an “outperform” rating on shares of SunPower Corp. in a research note on Friday, January 10th. They now have a $39.00 price target on the stock. Analysts at UBS AG raised their price target on shares of SunPower Corp. from $25.00 to $30.00 in a research note on Tuesday, December 10th. They now have a “neutral” rating on the stock. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $28.31.

In other SunPower Corp. news, Director Catherine Lesjak unloaded 9,130 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $33.86, for a total transaction of $309,141.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

SunPower Corporation is a vertically integrated solar products and services company that designs, manufactures and delivers solar electric systems worldwide for residential, commercial, and utility-scale power plant customers.

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