SunPower price target lowered to $3 from $4.50 at Susquehanna

Susquehanna lowered the firm’s price target on SunPower to $3 from $4.50 and keeps a Neutral rating on the shares. The firm updated their estimates for their residential solar coverage prior to the 1Q24 reports. They said their recent checks indicate that a rebound in resi solar demand is taking longer than expected to materialize, driven mostly by the NEM 3.0 transition weighing on CA volumes. As a result they lowered their 2014 U.S. resi installation growth forecast to -15% from -10%, which is relatively inline with recent industry forecasts.