SunPower upgraded to Strong Buy at Raymond James after underperformance

As previously reported, Raymond James upgraded SunPower (SPWR) to Strong Buy from Outperform with a $21 price target. The firm’s upgrade follows what it views as the stock’s “excessive weakness” due to the company’s overweight to the California market, the analyst tells investors. SunPower’s stock has “noticeably” lagged year-to-date as it is down 46%, compared to Sunnova (NOVA) being up 2% and Sunrun (RUN) being down 26%, the analyst noted.