SunPower upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo analyst Michael Blum upgraded SunPower to Equal Weight from Underweight with a $21 price target. The analyst has turned positive on the clean energy sector for 2023. While continued Federal Reserve tightening will likely act as a near-term headwind, the fundamental and regulatory backdrop is "much improved" in 2023 and beyond, Blum tells investors in a research note. He recalibrated ratings inn the sector.