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Cowen’s Stone Maintains OUTPERFORM Rating on SunPower - “Company Well Positioned”

Oct 23, 2009
Author: SCP Editor

October 23, 2009 – Analyst Comments – Cowen’s Stone reiterated his OUTPERFORM rating on SunPower (Nasdaq:SPWRA) stating that the company is “globally well positioned from the residential to utility scale segments.” Stone sees 30%+ upside vs. the market in 12 months for the stock.

Key Takeaways

·         The dealer channel drove 11% of Q3 revenue upside, but systems project financing and a liquidation of third party modules weighed on FY guidance

 ·         Believes SPWRA can continue to scale the dealer channel – should enjoy a premium ASP while building the brand

·         Some projects slipping into 2010

·         Large deals are getting done (24MW in Italy, 14MW in France and multiple utility projects in the U.S)

·         60MW+ under construction and 2GW pipeline of bids submitted in Q3


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