Citi cuts SunPower target, opens ‘downside catalyst watch’

Citi analyst Vikram Bagri raised the firm’s price target on SunPower to $14 from $12 and keeps a Neutral rating on the shares. The analyst also opened a “30-day downside catalyst watch” on the shares. Higher operating expenses from ramping installations may weigh on the company’s profitability, the analyst tells investors in a research note. In addition, the firm’s read of app download data indicates SunPower may have lost market share in Q2, with its quarterly app installs declining quarter-over-quarter.