Why SunPower Shares Are Rising

SunPower Corporation SPWR shares are trading higher in sympathy with Enphase Energy, which reported better-than-expected third-quarter results and issued strong fourth-quarter guidance.

Enphase Energy reported quarterly earnings of 60 cents per share which beat the analyst consensus estimate of 48 cents per share by 25%. The company also reported quarterly sales of $351.50 million which beat the analyst consensus estimate of $343.15 million by 2.4%.

Keybanc analyst Sophie Karp also maintained Enphase Energy with an Overweight and raised the price target from $179 to $216.

SunPower is a vertically integrated solar module manufacturer and systems installer. The company's modules derive from crystalline silicon technology and possess the industry's highest conversion efficiencies (the percentage of sunlight that is converted into electricity).

SunPower has a 52-week high of $57.52 and a 52-week low of $14.66.