|Bid||0.00 x 4000|
|Ask||0.00 x 3100|
|Day's Range||15.43 - 16.31|
|52 Week Range||12.78 - 34.61|
|Beta (5Y Monthly)||1.82|
|PE Ratio (TTM)||313.80|
|Earnings Date||Aug 01, 2022 - Aug 05, 2022|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||19.66|
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Alternative energy stocks had a rough week in the stock market. The macroeconomic environment is weighing on these stocks, and it hasn't just been this week. In the last three months, SunPower shares have dropped 25%, while Plug Power and Bloom Energy have tanked 40% and 31%, respectively.
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.
Wells Fargo analyst Michael Blum initiated coverage of SunPower Corp (NASDAQ: SPWR) with an Underweight rating and a price target of $17. SPWR is a pure-play residential solar provider with over 444K customers. The analyst mentions that SPWR's largely new management team has pivoted its focus to customer service, with plans to increase offerings and revenues per customer. SPWR employs primarily a direct sales model, which generates strong revenues and FCF, he added. Blum forecasts SPWR to grow r