Zacks Investment Research upgraded shares of SunPower Corporation (SPWRA) from NEUTRAL to OUTPERFORM on September 19, 2013, with a target price of $30.00.
We are upgrading our recommendation on SunPower Corp. to Outperform from Neutral encouraged by its consistent research and development efforts to improve solar cell efficiency that have yielded positive results. Its second quarter earnings easily beat our expectation and the year-ago profit level significantly, backed by strong demand for its solar panels in utility, commercial and residential projects. It also provided a raised outlook given the strength across regions and end markets. Going forward, we remain positive on SunPower due to its diversified channel strategy with a strong presence in the residential and commercial market. SPWR is also planning for a 10% reduction in operating expenses in 2013 and with 42.3% sequential production growth during the quarter, its demarcation, operationally and financially, will become more apparent during the coming reporting season.
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