SunPower price target lowered to $1.61 from $6.81 at GLJ Research

GLJ Research lowered the firm’s price target on SunPower (SPWR) to $1.61 from $6.81 and keeps a Sell rating on the shares. SunPower funds its business differently than SunRun (RUN) and Sunnova (NOVA), on which the firm also has Sell ratings, as SunPower relies on TotalEnergies (TTE) and this “is a big problem should TotalEnergies SE be done providing that funding,” the analyst tells investors. The firm’s checks suggest long-standing partner TotalEnergies “may be moving away from further funding” of SunPower’s origination of solar rooftop loans, the analyst noted.