Wunderlich Comments On SunPower 1Q11

According to Wunderlich, SunPower SPWRA announced last Thursday night that French oil giant, Total SA (TOTF.PA-NR), was making a friendly tender offer for 60% of SPWRA shares for approximately $23.25 each. Wunderlich said that, concurrent with that announcement, the company pre-announced 1Q11 revenue and non-GAAP EPS. “The company reports Wednesday, May 11, after the close. We reiterate our Sell rating and $16.00 price target on the SPWRA shares.” SunPower closed yesterday at $21.41.