Ahead of the Bell: SunPower upgraded
Monday June 16, 8:23 am ET
Analyst upgraded SunPower, says overall global demand will likely help offset dips in Spain
NEW YORK (AP) -- Shares of SunPower Corp. rose in premarket trading Monday, after n analyst boosted his rating on the solar power products company, saying it will likely see better-than-expected demand across the globe.
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Credit Suisse analyst Satya Kumar upgraded the San Jose, Calif., company to "Outperform" from "Neutral" and kept a $100 price target.
The new target implies he expects the stock to jump 29 percent in the next year over Friday's $77.75 close.
While demand in Spain will likely dip in the second half of this year, interest in SunPower's products may grow in Italy and other countries, he said.
Kumar expects the company to earn $2.27 per share for the year, while analysts polled by Thomson Financial, on average, expect earnings of $2.17 per share.
So far this year, the stock has dipped 40 percent.
A company representative was not immediately available for comment.
In premarket electronic trading, SunPower shares gained $3.65, or 4.7 percent, to $81.40.
