On Tuesday, Bank of America Corporation (NYSE:$BAC) cut SunPower Corporation (NASDAQ:$SPWR) stock’s price target from $12.00 to $10.00. This price target indicates a potential 37.17% upside. The firm also presently has a ‘Neutral’ rating.

Multiple other firms have recently weighed in on the stock;

• Cowen and Company: On July 10th, Cowen and Company gave the stock a ‘Buy’ rating and set a target price of $12.00.
• Vetr: On July 17th, Vetr cut shares of SunPower to a ‘Buy’ from a ‘Strong-Buy’ rating and set a target price of $11.45.
• Axiom Securities: On July 22nd, Axiom Securities restated a ‘Buy’ rating.

• BidaskClub: On August 2nd, BidaskClub increased their stock rating from ‘Hold’ to ‘Buy’.

• Zacks Investment Research: In a report on August 7th, Zacks upgraded SunPower from a ‘Hold’ to a ‘Buy’ rating and gave a target price of $10.00.

In total, the company received 11 ‘Hold’ ratings, 6 ‘Buy’ ratings, and 2 ‘Sell’ ratings, giving them an aggregate rating of ‘Hold’. The company also had a consensus price target of $9.27.

On Tuesday, SunPower stock hit $7.29, trading up 0.69% with a total trade volume of 1,172,782 shares. The stock has 50 and 200-day moving averages of $9.09 and $8.18, It has a 52-week low of $5.84 and a 52-week high of $11.70. The current market cap is $1.02 billion.

Multiple investment institutions recently altered their holdings in the company;

• HighTower Advisors LLC bought a new position in the company during the 2nd quarter with an opening purchase of $124,000.
• Raymond James Financial Services Advisors Inc. (NYSE:$RJF) bought an additional 1,730 shares during the 2nd quarter, an increase of 8.1%, for a total of 23,084 shares valued at $216,000.
• State Street Corp (NYSE:$STT) bought 296,862 shares during the 2nd quarter, for a total of 2,421,834 shares worth $22,619,000, an increase of 14.0%.
• WFG Advisors LP bought an additional 1,100 shares in the 2nd quarter, an increase of 7.6%, for a total of 23,084 shares worth $216,000.
• The Manufacturers Life insurance Company bought 45,805 shares during the 2nd quarter, an increase of 1,204.1%, for a total of 49,609 shares valued at $463,000.

Institutional investors account for 28.82% of the company’s stock ownership.

On Tuesday, August 1st, SunPower issued their latest earnings report. They reported an EPS of -$0.39 for the quarter, well above analysts’ forecasts of -$0.63. The company had an EPS of -$0.22 in the same quarter last year. Analysts are forecasting an annualized EPS of -$1.08 for the current fiscal year.

The company also reported revenue of $341.50 million for the quarter. This was above the consensus expectations of $312.58 million. They also had a negative Return on Equity of -12.56% and a negative Net Margin of -21.84%. This was a decrease of 15.0% from the same quarter last year.

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