Baird downgraded SunPower to Neutral from Outperform with a price target of $12, down from $24. The company preannounced Q2 results below expectations, citing a weakening demand environment amid macroeconomic uncertainty and rising rates, the analyst tells investors in a research note. The firm is “skeptical” of the near-term setup and believes reducing SunPower’s platform investment may cause it to lose meaningful share to peers. In addition, the company’s exposure to California and new home builds will be near-term headwinds in addition to the macro environment, says Baird.
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