SunPower price target lowered to 0c from $1.61 at GLJ Research

GLJ Research lowered the firm’s price target on SunPower to 0c from $1.61 and keeps a Sell rating on the shares. The company is no longer supporting new lease and power purchase agreement Sales, nor shipments of projects sold with these financing options, the analyst tells investors in a research note. ” Stated differently, it appears SunPower is walking away from both soft and hard commitments,” says the firm. GLJ believes SunPower’s decision suggests that one or all of its “big pocket” funders has structurally walked away.