On Thursday, shares of solar energy company SunPower Co SPWR have risen over 6.5% as of 12:20 PM EST thanks to an upgrade by analysts at Janney Montgomery Scott. The firm upgraded SPWR from a ‘Neutral’ rating to a ‘Buy’ rating.
Janney analyst Michael Gaugler also reiterated his price target of $28 for the company.
This recent upgrade comes after SunPower declined about 28% from a close on January 5 of $30.46, affected by a market selloff that hit solar stocks hard; companies in this industry have been some of the worst performers.
SunPower is expected to report its Q4 earnings in the next few weeks.
Currently, SPWR holds a Zacks Rank #3 (Hold).
Check out SunPower’s stock performance over the last year:
Sunpower Corporation (SPWR) Stock Price - 1 Year | FindTheCompany
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