Sunworks price target lowered to $4 from $5 at EF Hutton

EF Hutton analyst Tim Moore lowered the firm’s price target on Sunworks to $4 from $5 and keeps a Buy rating on the shares. According to the company’s recent filing, bad weather caused a delay of $7.8M sales in the March quarter, the analyst tells investors in a research note. Additionally, the Net Energy Metering regulation change in California likely had a negative impact on some residential sales and led to delays as approvals by utilities are elongated by four to six weeks, says the firm. It reduced estimates and the price target to reflect more challenging industry conditions.