UPDATE: Bank of America Merrill Lynch Moves SunPower to Underperform

Bank of America Merrill Lynch is out with its report today on SunPower SPWRA, moving SPWRA from No Rating to Underperform. In a note to clients, Bank of America Merrill Lynch writes, "With the Total tender offer closing, we are moving our opinion from No Rating to Underperform. The tender closed yesterday with 52% of the A shares and 74% of the B shares tendered plus more shares to come under guaranteed delivery. Total helps the company lower its cost of capital and may facilitate some projects, but SunPower remains high cost and dependent on competitive rooftop sales." Bank of America Merrill Lynch maintains a $15 PO on SPWRA. Shares of SPWRA closed Wednesday at $17.66