SunPower price target lowered to $26 from $32 at Evercore ISI

Evercore ISI analyst Sean Morgan lowered the firm’s price target on SunPower to $26 from $32 and keeps an Outperform rating on the shares after updating estimates prior to Q4 results. While Evercore still believes in the long-term growth for U.S. solar both in manufacturing and installation, the firm is revising estimates to reflect a more cautious start of 2023 and a slower ramp in growth related to benefits from the Inflation Reduction Act, or IRA.