Goldman Sachs lowered the firm’s price target on Maxeon Solar (MAXN) to $21 from $33 but keeps a Buy rating on the shares. The company’s below-consensus Q3 revenue was largely due to its ongoing contract issue with customer SunPower (SPWR), the analyst tells investors in a research note. The firm adds however that while this situation continues to create uncertainty near-term and heading into 2024 in the event that the issue isn’t resolved by year-end, the downside to volume expectations is fairly de-risked at this point given that Maxeon is not currently shipping to SunPower and is likely to guide this way heading into year-end.
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