Wolfe Research analyst Steve Fleishman initiated coverage of SunPower with a Peer Perform rating and fair value range of $24-$26 per share. The business model allows for "cleaner financials" and less rate exposure and he sees a lot of growth tailwinds longer-term, but in the near-term he is concerned about SunPower’s exposure to new homes and California’s new net metering rules, Fleishman tells investors.
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