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SunPower Stock Sinks as Analyst Sees U.S. Solar Policy as Stiff Headwind

·4 min read
SunPower Stock Sinks as Analyst Sees U.S. Solar Policy as Stiff Headwind
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SunPower slid on Wednesday after shares of the solar panel company were initiated at Underweight by a Wells Fargo analyst who cited unsupportive U.S. solar policies and a slowing housing market. Michael Blum from Wells Fargo wrote in a research note that the slowing housing market was “likely to affect new solar sales.” “SunPower’s business is mostly direct sales, which we view as more sensitive to the economic environment given the large upfront cost of purchasing a solar rooftop system,” Blum said.