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Gold/Mining/Energy : SunPower Announces Initial Public Offering SPWR
SPWR 1.755-2.5%Nov 3 3:59 PM EST
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From: bob zagorin8/29/2008 2:25:32 PM
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Pacific Crest Upgrades Sunpower To Outperform - $116 price target
Pacific Crest’s Mark Bachman upped his rating on the stock to Outperform from Sector Perform, setting a $116 price target.

“Solar cheerleaders will be waving their pom-poms at two huge solar conferences taking place in the next six weeks,” Bachman wrote in a note this morning, referring to next week’s European Photovoltaic Solar Energy Conference in Spain, followed six weeks later by the Solar Power International show in San Diego in mid-October. “Q3 earnings should be strong again as we believe SunPower has been successful in raising prices on its components business. 2008 should end with additional upside in Q4 as customers rush to finish projects before renewal of the ITC [the U.S. investment tax credit for solar energy] potentially fails. Large utility-scale project announcements should surface in November and December. With so much good news to come for SunPower, investors should be positioned on the right side of the momentum.”

All that said, Bachman says he is still wary on the 2009 first half, given an “overly-bullish consensus” on estimates. He also thinks that the company will need to raise capital in 2009, and could do a potentially dilutive equity offering. Not least, Bachman also notes that Cypress Semiconductor (CY) intends to complete the spin-out of its roughly 50% stake in the company by October, cautioning that “as these shares become available on the market, the stock could come under pressure from profit takers.”
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