SunPower price target lowered to $18 from $19 at JPMorgan

JPMorgan analyst Mark Strouse lowered the firm’s price target on SunPower to $18 from $19 and keeps an Underweight rating on the shares. The company reported mixed Q4 results with lower than expected EBITDA on strong customer additions and revenue, the analyst tells investors in a research note. The firm says SunPower’s fiscal 2023 outlook for customer additions is above its expectations, despite factoring in assumed headwinds from California NEM 3.0 and new construction home weakness. It believes SunPower’s premium valuation to peers is unjustified owing to its "relatively mixed" execution and above-average exposure to new home construction.