Wunderlich Securities Reiterates Sell and PT of $16 on SunPower Corporation (SPWRA)

Wunderlich Securities reiterated its Sell rating on SunPower Corporation SPWRA. In a research report published today, Wunderlich left its price target unchanged at $16 as well, after SunPower reported Q1 results in line with its expectations. Wunderlich stressed that SunPower's shares will likely start to fall after a tender offer by Total SA TOT is completed. In the report, Wunderlich states, "Beginning June 1, the French oil giant, Total SA (TOTF.PA-NR), will begin accepting shares toward its friendly tender offer for 60% of SPWRA shares at $23.25 each. We believe this is a generous offer, and it is well above our price target. We believe the shares will decline in value when the tender is completed. We reiterate our Sell rating and $16.00 price target on SPWRA shares." In yesterday's trading, SunPower added 0.09% to its value to close the day at $21.38. In today's trading, its shares started to lose ground, falling 0.51% and are currently standing at $21.27.