BofA analyst Julien Dumoulin-Smith upgraded SunPower to Neutral from Underperform with a price target of $15, up from $14. The analyst sees improved visibility into the company’s 2023 profitability. SunPower shares have underperformed the solar sector in 2023, which creates a "far more balanced" risk/reward profile, the analyst tells investors in a research note. The firm’s discussions with management and SunPower dealer partners indicate the company’s carried backlog from 2022 is an "underappreciated driver" of 2023 growth.
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