In a report released yesterday, Colin Rusch from Oppenheimer maintained a Hold rating on SunPower Corp (SPWR). The company’s shares closed yesterday at $7.38.
Rusch said:
“SPWR posted topline 1Q19 results ahead of consensus while modestly increasing FY19 EBITDA guidance noting strength in its international business. The company continues to make progress on evolving its product portfolio started shipping its A- Series panel and reached volume production of its Maxeon Gen 5 cells. SPWR also posted solid growth in bookings for its energy storage solution. We believe the company is making progress toward its target model articulated at its analyst day looking for 10% EBITDA margins. We continue to be cautious about the company’s cash position given operating losses and a reduction in cash to $185.5M exiting 1Q19 from $309.4M exiting 2018. We are looking for the company to begin generating consistent positive FCF to get more constructive.”
According to TipRanks.com, Rusch is a 5-star analyst with an average return of 12.4% and a 51.2% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Canadian Solar Inc, Fuelcell Energy, and Vivint Solar.
The word on The Street in general, suggests a Hold analyst consensus rating for SunPower Corp with a $6.29 average price target.
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Based on SunPower Corp’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $158 million. In comparison, last year the company had a GAAP net loss of $116 million.
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SunPower Corp. engages in the design, manufacture and deliver of solar panels and systems. It operates through the following segments: Residential, Commercial and Power Plant. The Residential segment refers to the sales of solar energy solutions to residential end customers through a variety of means.
