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Fly News Breaks for November 29, 2019
SPWR
Nov 29, 2019 | 07:12 EDT
Credit Suisse analyst Michael Weinstein lowered his price target on SunPower shares to $11.00 from $14.50 following the company's equity issuance, which he notes came "much earlier than Street expectations." He also cites a lower implied value for the Maxeon module manufacturing business. Weinstein keeps an Outperform rating on SunPower, stating that the stock offering addresses repayment risk for the company's convertible note due in 2021 and delevers the "New SunPower" ahead of Maxeon Solar's spinoff expected to close before the second half of 2020.
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