SunPower price target lowered to $2 from $2.50 at Barclays

Barclays lowered the firm’s price target on SunPower to $2 from $2.50 and keeps an Underweight rating on the shares. The analyst sees “less than ideal” deal terms for existing shareholders as the company’s new term loan provides debt in exchange for “free equity” while also placing Sol Holdings higher in the capital stack. However, the firm says the deal buys time for demand recovery to materialize for SunPower.