JPMorgan analyst Mark Strouse lowered the firm’s price target on SunPower to $19 from $23 and keeps an Underweight rating on the shares. The analyst believes the alternative energy and services industry is entering a "catalyst-rich environment" in 2023 as companies announce new manufacturing to benefit from the Inflation Reduction Act. He looks for order activity to accelerate, providing revenue visibility into 2024 and beyond. Following several years of outperformance from residential solar, 2023 sets up favorably for U.S. utility-scale, which should rebound from disruption created in 2022 from geopolitical uncertainty, Strouse tells investors in a research note.
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Published first on TheFly
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