SunPower price target lowered to $13 from $14 at Truist

Truist lowered the firm’s price target on SunPower to $13 from $14 and keeps a Hold rating on the shares as part of a broader research note previewing Q2 results for Solar companies. The firm remains bullish overall on the long-term growth outlook for U.S. residential solar as evidenced by its Resi Solar Survey, though it also sees near-term activity levels as “more clouded”, favoring names with geographic and end-market diversification. For SunPower, Truist notes that investors’ key focus will be on the management commentary around California demand post NEM 3 given its position as a leading resi solar provider in the state.