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
