SunPower price target lowered to $4 from $5 at Piper Sandler

Piper Sandler lowered the firm’s price target on SunPower to $4 from $5 and keeps a Neutral rating on the shares. The Fed pivot represents a major macro theme for renewables in 2024 and is an improvement for the firm’s coverage. Piper sees the benefits accruing to the installers initially and inverters eventually with the rest of its space benefiting long-term. The other major macro theme for renewables surrounds the election, which possesses a negative risk/reward skew.