Investing

Janney Montgomery Scott Initiates Coverage of SunPower With Neutral Recommendation

Fintel Staff

Published: February 10, 2023 10:33 pm

On February 9, 2023, Janney Montgomery Scott initiated coverage of SunPower with a Neutral recommendation.

Analyst Price Forecast Suggests 34.20% Upside

As of February 10, 2023, the average one-year price target for SunPower is $20.87. The forecasts range from a low of $6.72 to a high of $33.60. The average price target represents an increase of 34.20% from its latest reported closing price of $15.55.

The projected annual revenue for SunPower is $2,040MM, an increase of 14.41%. The projected annual EPS is $0.64, an increase of 60.84%.

What are large shareholders doing?

Invesco holds 3,541K shares representing 2.03% ownership of the company. In it’s prior filing, the firm reported owning 4,019K shares, representing a decrease of 13.50%. The firm increased its portfolio allocation in SPWR by 36.39% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 2,589K shares representing 1.49% ownership of the company. In it’s prior filing, the firm reported owning 2,567K shares, representing an increase of 0.85%. The firm increased its portfolio allocation in SPWR by 53.22% over the last quarter.

TAN – Invesco Solar ETF holds 2,520K shares representing 1.45% ownership of the company. In it’s prior filing, the firm reported owning 3,041K shares, representing a decrease of 20.67%. The firm decreased its portfolio allocation in SPWR by 12.88% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 2,483K shares representing 1.43% ownership of the company. In it’s prior filing, the firm reported owning 2,383K shares, representing an increase of 4.02%. The firm increased its portfolio allocation in SPWR by 52.59% over the last quarter.

D. E. Shaw & holds 2,459K shares representing 1.41% ownership of the company. In it’s prior filing, the firm reported owning 2,514K shares, representing a decrease of 2.25%. The firm increased its portfolio allocation in SPWR by 4.48% over the last quarter.

What is the Fund Sentiment?

There are 565 funds or institutions reporting positions in SunPower. This is unchanged over the last quarter. Average portfolio weight of all funds dedicated to SPWR is 0.16%, an increase of 12.11%. Total shares owned by institutions increased in the last three months by 3.26% to 68,781K shares. The put/call ratio of SPWR is 0.97, indicating a bullish outlook.

Sunpower Background Information
(This description is provided by the company.)

Headquartered in California’sSilicon Valley, SunPower is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities.

This article originally appeared on Fintel