SunPower price target lowered to $2.50 from $3 at Citi

Citi lowered the firm’s price target on SunPower to $2.50 from $3 and keeps a Sell rating on the shares. The analyst updated the company’s model to reflect recent demand trends, financing transactions, and the Q4 results. SunPower boosted liquidity, announced management changes, reduced spending and renegotiated supply agreements, which are positive steps to improve sustainability of the business, the analyst tells investors in a research note. However, Citi says the company’s first half of 2024 will likely be challenging and SunPower will likely need additional liquidity in the second half of the year, which will come at a cost.