Why SunPower Shares Are Trading Higher Premarket Today?

Solar installer SunPower Corp SPWR is in advanced discussions regarding a potential sale of its commercial and industrial solutions (CIS) business, PV Tech reports.
SunPower confirmed it would pursue a sale, seeking to finalize discussions as early as Q1 2022.
SunPower looks to heighten its focus on the residential sector.
The sale will help optimize SunPower’s capital deployment while also enabling CIS to take better advantage of community solar and front-of-meter storage opportunities.
SunPower CEO Peter Faricy said that with the right partner, CIS would have the opportunity to fight climate change on a larger scale. “The potential buyer shares CIS’ strategic and financial goals as a champion of affordable, reliable, and clean energy solutions with the expertise, balance sheet, and capital resources appropriate for large-scale solar and storage projects,” he said.
Analyst Rating: Raymond James analyst Pavel Molchanov upgraded SunPower from Market Perform to Outperform with a $26 price target, implying a 20.7% upside.
Price Action: SPWR shares traded higher by 4.08% at $22.43 in the premarket session on the last check Tuesday.