Wells Fargo analyst Michael Blum downgraded SunPower to Underweight from Equal Weight with a price target of $4, down from $6. The analyst expects the solar sector to rebound in 2024, driven by Federal Reserve rate easing, higher battery attach rates, clarity on the Inflation Reduction Act, and steady utility scale demand growth. The firm prefers residential to utility solar scale given greater rate sensitivity. The rating change is part of the firm’s 2024 outlook. It cites liquidity related headwinds for the downgrade of SunPower.
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