Jefferies & Company Reports on SunPower (SPWRA)

Jefferies & Company commented on SunPower SPWRA in a report released today. In the report, Jefferies was positive in its outlook of the company. Jefferies writes, “SPWR reported Q1 in line with latest guidance. Large projects in Italy were delayed, and those that will not make the August 31 deadline will be cancelled and its assets sold. Management will reallocate the modules to the rooftop market and other countries. In contrast, growth in the US utility and commercial market is well ahead of schedule and would absorb the inventory. Management will provide updated FY11 guidance before 2Q end.” Jefferies & Company has a Buy rating on SunPower and a price target of $26.00. Shares of SunPower closed the trading day at $21.38, up $0.02 from the opening bell.