Maxeon Solar downgraded to Neutral at Roth MKM after Q3 downside pre-announced

Roth MKM analyst Philip Shen downgraded Maxeon Solar (MAXN) to Neutral from Buy with a price target of $10, down from $25, after the company pre-announced Q3 to the downside, attributing the miss to the ongoing SunPower (SPWR) MSA dispute as well as the EU slowdown. While Maxeon is taking steps to re-prioritize capacity plans, reduce headcount, and expand the channel, the firm sees a number of headwinds in the near-term and is stepping to the sidelines until visibility improves.