SunPower falls after Raymond James downgrades stock, cuts PT

TPI Composites

03/10/2023 15:35

** Shares of solar energy co SunPower Corp  SPWR.O  fall
3.8% to $5.41 after Raymond James downgrades co to "outperform"
from "strong buy"
    ** Research firm says co faces net energy metering (NEM)
headwinds - a billing system for solar energy - in California 
    ** Says co's inventories are more elevated than peers, after
supply-chain disruptions caused stockpiling and double-ordering
    ** Sees slowing demand from China, as a shift to electric
vehicles looks more probable under new emission policies 
    ** Raymond James slashes PT on co to $9 from $17; still an
upside of 60.1% to co's last close 
    ** Of the 25 analysts covering stock, 3 say "buy" or higher,
19 say "hold" and 3 say "sell"; median PT stands at $10 
    ** Raymond James also downgrades TPI Composites  TPIC.O  and
Tritium DCFC  DCFC.O  on revenue and financing concerns 
    ** SPWR down 69.9% YTD 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))