SunPower price target lowered to $4 from $6 at Scotiabank

Scotiabank lowered the firm’s price target on SunPower to $4 from $6 and keeps a Sector Perform rating on the shares. Clean technologies stocks have notably underperformed compared to the broader market year-to-date, the analyst tells investors. However, the firm speculates these stocks are nearing a bottom in business fundamentals as inventory channel clearings are nearly complete and electric utility power prices continue to rise.