SunPower (SPWR, $22.25) got initiated with outperform rating at Evercore ISI.
Shares of solar panel maker SunPower got initiated with an outperform rating by analysts at Evercore ISI.
Analysts at Evercore indicated that the stock has been overlooked by investors in recent years , and therefore the stock trades at a discount relative to peers.
Analyst Sean Morgan wrote in a note to clients (as reported in CNBC), “…we believe investors are presently overlooking both industry and company specific long-term catalysts that will eventually help close the valuation gap.” Morgan cited six key tailwinds for SunPower including speed of adoption; a long-term trend of decreasing equipment costs; falling costs of solar ownership; an increase in electric vehicles; concerns over the reliability of the energy grid; and improving market sentiment concerning solar loan financing.
Additionally, the company’s strong balance sheet and healthy cash liquidity could lead to SunPower targeting high-margin growth opportunities around solar, storage, EV charging and home energy software, the note said (as reported in CNBC).
SPWR's RSI Oscillator is sitting in oversold zone for 1 day
It is expected that a price bounce should occur soon.
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