SunPower Announces Initial Public Offering SPWR Message Board

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Gold/Mining/Energy : SunPower Announces Initial Public Offering SPWR

SPWR 1.800

0.0%

Oct 31 9:30 AM EST

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From: Eric	3/16/2009 9:32:56 AM
	of 196

From CS this morning: SunPower: Q1 Revenues Tracking Poorly At a competitor conference last week, SunPower (SPWR.A, Neutral) commented that 1Q09 is tracking below 1Q08 levels. We are revising 1Q09 rev/EPS downward. Seasonality was cited as the reason for weakness. In addition, some cash commercial customers have pushed out orders due to the credit markets. We expect company to build inventory in Q1. At this point, company does not believe pricing trends are unusually worse than color during its call. we are trimming pricing estimates a bit given continuing weakness in poly prices. SPWRA is a differentiated solar company with a strong pipeline of utility scale orders (1+ GW). We expect some relief as details emerge on the loan guarantee program, and as SPWRA recognizes these pipeline orders officially into the backlog upon receipt of financing. However, SPWR appears a bit more exposed to Asian competition given it competes directly into the dealer channel on rooftop markets with Asian peers.

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